The scheme comprises 11 residential properties and a vacant Grade II-listed building, with potential to be converted into an assisted living unit.

The client required the facility to refinance their existing bridging debt, as well as market the residential units and the development opportunity after securing planning permission.

West One agreed the 40% LTV bridging loan over a 12-month term, which was secured against the 11 residential units and the Grade II-listed building.

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Tom Berry, asset finance advisor at Arc & Co (pictured above), said: “As ever, we are pleased to be able to support developers in bringing forward quality opportunities. 

“This new facility will provide vital short-term working capital and a smooth exit for our client.”

Michael Grant, head of sales for bridging and development finance at West One, added: “Working with Tom is very easy — you know what you are getting, [and he was] responsive and pragmatic in his approach to ensure myself and Greg [senior underwriter at West One] knew exactly where we stood throughout the transaction.”