The loan supported the client’s conversion of a large property in York into 11 apartments. The client initially sought £2.35m to repay development finance and raise capital for their next project. 

Following an up-valuation during the survey process, and the inclusion of a £600,000 unit that had sold but not yet completed, the lender restructured the facility to offer £3.2m — this allowed £2.95m to repay the development funding, with the remainder released as capital for the client’s next scheme.

A delay in the sale completion of the £600,000 unit meant it had to be included in the loan just days before drawdown.

The borrower also requested to annex a parcel of land from the 12-acre site for future development.

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The deal was Introduced by Mark Ellis of Development Money, who commented: “This was a challenging yet rewarding deal, and HTB’s ability to adapt at every stage made all the difference.

“Their expertise in bridging finance and their willingness to handle last-minute changes ensured the client’s objectives were met. It was a pleasure working with a team so committed to achieving the best outcome.”

Barry Ireland, BDM at HTB’s Bridging Finance team (pictured above), added: “This was a complex deal with several moving parts, particularly in the final stages.

“The nature of the property and the price point meant it needed a lender who could take a view and structure the right solution.

“We worked closely with Mark and the client to respond quickly to changes and make sure the loan remained aligned with the wider objectives.”