The developer GK had agreed to purchase a sought-after site in Morley, Derbyshire, for the development of a luxury, five-bed detached house and swimming pool, which would be located next door to a prestigious local golf club.

However, after failing to secure funding from two different banks, the developer was left with less than three weeks to clinch a loan before the completion date.

Ashley Ilsen, head of lending and CMO at Regentsmead, said the developer was feeling the strain after receiving warnings from the vendor that the site would go back on to the market if he was not able meet the completion date.

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“He was also nervous having lost fees with other lenders that had failed to deliver, so a lot of what we did at our end was about reassuring him and showing him our track record on moving to tight timescales.”

Regentsmead, which funded £3.35m worth of property development in Croydon last year, agreed a £750,000 loan, with £200,000 due on completion and the rest released in drawdown stages.

GK said: “I was in serious difficulty when I first approached Regentsmead, so it was a breath of fresh air being able to sit round a table with Ashley and his team and agree a deal on the spot.

“Regentsmead [was] understanding of the project needs and [was] able to provide me with a prompt response regarding the lending requirement.”  

Sam Howard, COO at Regentsmead, added that it was delighted to complete the loan within three weeks of GK first coming in to meet the lender.

“As principal lender, we can move incredibly quickly giving our clients the confidence to exchange as if they are a cash buyer.

“We look forward to working with GK to create another exceptional new house.”