The project qualifies for Paragon’s Green Homes Initiative with a potential 50% exit fee reduction.

Two properties were acquired through a company share transfer.

The lender has recently expanded its BTL Specials range with higher loan sizes and new 80% LTV products.

The finance was arranged by Mike Feasey, relationship director at STB, and brokered by Kevin Stedmann, managing director of Garnet Finance.

The 65% LTV funding was based on the market value subject to tenancies.

The lender has recently cut its rates and revised risk pricing at higher LTVs.

The 63-unit block was valued at £8.75m and formed part of a broader refinancing strategy.

The scheme includes the refurbishment of three Grade II listed buildings.

The facility was structured with a loan-to-value (LTV) of 67.5% and a margin of 4.25%.

Development is expected to be completed over two years on a brownfield site.