Phase two of the deal required a £4.8m commercial term loan to refinance an existing development finance facility and raise extra money to go towards the purchase of a new exciting development opportunity.

The facility was for a developer in Exeter who had refurbished an old semi-commercial building into 28 luxury flats with a GDV of £7m.

Phase three will see the Victorian department store in Exeter valued just under £14m turned into residential units — once refinanced this will then release the capital to move onto phase four which will see the conversion of an existing building into luxury apartments.

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Commenting on the deal, Andrea Glasgow, sales director at HTB (pictured above), said: “The transformation of this semi-commercial building into 28 luxury flats is an exciting milestone, and we’re proud to support Propp as they move forward into the next stages.

“The speed, collaboration, and expertise from all involved have been key in getting this deal over the line quickly, and we look forward to continuing our partnership as this development unfolds.”

Peter Williams, CEO at Propp said “HTB truly flexed their muscles on this case, not shying away from serious complexities and bending over backwards to get the deal over the line very quickly. A very special thank you to Greg Barnard and Andrea Glasgow for their support throughout the process.

“An incredible effort from the Solicitor Ben Neary at Trowers and Hamlins meant the commercial term deal was progressed from offer to completion in only two weeks.

“This deal is a testament to what is possible when all parties have the will to overcome obstacles and test the limits of our knowledge!”