The loan was sought after the borrower ran into financing delays due to Covid-19.

The funding was provided to refinance the original site, and the acquisition of a second adjoining spot allowing planning for 272 residential units to be built starting in Q4 2020.

On completion, the scheme will be a mix of one-, two-, three- and four-bedroom apartments and townhouses, 35% of which will be affordable housing.

Provisional image of Abbey Wood apartment block

The total loan provision for the deal — which was said to be completed within a tight timeframe — is £10m based on a LTC of 90%.

Rickesh Patel, partner at Mantra Capital, said: “Mantra Commercial, part of the Mantra Capital Group, were mandated to assist with the sourcing of funding for this scheme prior to the full impact of Covid-19 being understood in the UK.

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“As the severity of the situation became more apparent, the initial lender who offered terms were no longer able to honour them. 

“This was an acquisition which now had tight timescales to work towards for completion, with an increasingly limited market to operate within.

“Our close funding partner, LendInvest, quickly understood the scheme, the challenges we faced in terms of timescales, and came up with a deliverable debt package that worked for our client.”

Justin Trowse, director for bridging at LendInvest, added: “The last few months have been a particularly challenging time for the team and our brokers — facing new hurdles and having to work with a greater degree of flexibility, while performing complex transactions at speed in order to get our borrowers’ deals over the line. 

“This deal was one that we were determined to deliver and complete in time so as not to disrupt the borrower’s project timeline. 

“Thanks to the tireless efforts of Rickesh at Mantra, and the dedication of the team, we are delighted to announce the provision of quality funding for this project.”