The facility, introduced by Arc and Co, was secured against an office building in Marylebone with planning consent for six luxury apartments.

The borrower required an urgent completion within 18 days after being let down last minute by another lender.

Allica delivered the six-month term loan within the timeframe.

“In these difficult, uncertain economic times, it was great to deal with a funder who did exactly what they said they would do,” said the borrower.

In addition to this deal, Allica’s bridging finance proposition experienced a record-breaking April, in terms of lending and new introductions.

The team also saw a spike in new business enquiries and completions.

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Steve Palfreeman, business development director of bridging at Allica Bank (pictured above), said: “Getting this executed in such a tight timeframe required a real team effort from all parts of the bank, in particular, Jade Lidiard who was the underwriter on this case.

“April being a record month for the team is testament to their determination, commitment to service, and the growing market for flexible, relationship-driven commercial lending in this space.

“There is huge appetite for lending at Allica Bank, especially in circumstances such as this where a strong sponsor found themselves let down at the last minute.”

Cameron Hayes, broker at Arc and Co, added: “It’s great to get this one funded with Allica.

“Arc and Co were keen to rely on a party that can deliver, and as execution is key in the current market, we’re pleased to get another deal across the line with Steve, Jade and the team.”