The deal was introduced to the lender by property finance advisers Brotherton Real Estate.

The development is located in London Fields E8 and has permission for 42 upscale residential units covering 32,540 sq ft along with 21,969 sq ft of commercial-use space.

Gold Section Developments has revealed that on completion the residential element would contain 12 one-bed, 16 two-bed and 14 three-bed, high-specification apartments along with 20 commercial studios.

Planning consent has been obtained for the demolition of the existing vacant warehouse and construction of two four-/five-storey buildings with lower ground and basement levels, as well as a three-storey mews block and a single-story commercial block.

Fortwell Capital provided Gold Section with a gross advance of £29.5m over a period of 24 months on a loan-to-cost basis of 81%.

The loan-to-gross development value was not revealed, but Fortwell Capital confirmed the figure was at the higher end of its lending parameters.

Estate agent Fyfe Mcdade was appointed as the sole selling agent for the apartments and studios with the development set to be completed by February 2018.

Colin Sanders, CEO of Fortwell Capital, said the transaction was not without difficulties – as is to be expected in the current economic climate.

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“We stepped in at a time of pre- and post-referendum jitters among some funders, but we liked what we saw.

"Gold Section Developments has an impressive track record of success and possess an unrivalled local knowledge of the areas in which they develop.”

Colin said that signature expertise provided by Brotherton meant the lender had little difficulty getting comfortable with the structure of the deal.

"Many lenders continue to say the right thing during these uncertain times, but it's action – not words – that matter.

“With permanent capital in the market, and an expanding team of best-in-class experts at our disposal, Fortwell Capital will continue to support property professionals in London, throughout the South East and in select areas of high demand."

Richard Fine, principal at Brotherton Real Estate, added: "This is a really exciting development in an ever-improving fringe location by a seasoned developer.

“Nonetheless, Brexit did have an impact and while some lenders in the market were pulling back, the team at Fortwell gave Gold Section and Brotherton all the confidence we needed that they would deliver on time.

“It was a pleasure working with all parties involved and we look forward to what will be a landmark development in London Fields."