Introduced by Arc & Co, the 65% LTV loan was agreed at a fixed rate over a 12-month term.

The funds will be used to repay existing development finance and give the developer time to sell the units.

Of the eight houses and two apartments in the development, one had exchanged pre-funding, and three others were under offer.

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Edward Horn-Smith, managing director at Arc & Co, said: “Arc & Co were instructed by an existing client to source competitively priced fixed rate debt, and after a short tender process we identified Alpha Property Lending as the best funding partner.

“From instruction they were quick, professional, and transparent.”

Mert Zabci, lending director at Alpha Property Lending, added: “Alpha Property Lending are pleased to have worked with Arc & Co as well as a borrower which has a clear focus on ESG, having built carbon negative residential units with intricate design and sustainability considerations.”