The borrower – David Henderson of Manna Developments, who is a civil engineer and businessman – was looking for finance over a two-year term to part finance the scheme.

The funding will be used to repay an existing loan used to acquire the proposed site for the circuit in County Tyrone.

The 181.28-acre site located at Dungannon Road, Coalisland, was previously a brick clay pit with arable land attached and is now being used for inert landfill operations and shale clay extraction.

The borrower contacted F&P to obtain funding to repay his existing loan and costs.

The site will continue to operate the inert landfill operations even after the completion of the motor racing circuit and will deliver regular income for a number of years.

The inert landfill will also be used for the landscaping and banking of the circuit.

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The borrower intends to repay the interest through the revenue from the landfill and shale operation, with the capital repaid from land and plot sales.

Plot sales to businesses and equity sales will finance the construction of the race track, which will be overseen by a specialist track-designing company.

The site underwent a Royal Institution of Chartered Surveyors survey by Hannath for lending purposes in November 2017, which valued the entire estate at £2.25m.

Ivor Freedman, director at F&P Sponsors, said the project was of great interest to everyone living locally and motor sports fans globally.

“The redevelopment of this brownfield site has so many potential benefits, not only to the local community through employment for the landfill, but also through the construction of the racing circuit and tourism that this will generate.

“Anyone with a local vested interest, or indeed an interest in motor racing, should support this exciting project that will completely transform this part of Northern Ireland.”