Hampshire Trust Bank’s Bridging Finance team has successfully delivered a £3.2m development exit loan to support a high-value residential scheme in York.

The 65% LTGDV facility enables the delivery of 5 high-end units a stone's throw from one of the best beaches in the UK.

The loan was completed in 21 days from credit approval

Despite challenges such as material and labour shortages, the deal was completed in just 17 days.

The South London scheme comprised 9 homes with a predicted gross development value of £6.7m

The complex facility was structured into three transactions to complement the varying stages of the site.

The listed building will be sensitively renovated to create 64 spacious, beachfront two and three-bedroom apartments.

The scheme comprises a mixture of bungalows and detached houses, ranging from two to four bedrooms.

The development, a first for Birmingham, will include a two-storey rooftop extension to a former university building, and the provision of shared facilities.

The new development aims to bring much-needed homes to Sheffield while supporting the city’s wider regeneration.