The client, a large developer in Exeter, has refurbished an old semi-commercial building into 28 luxury flats with a GDV of £7m.

The borrowing entity was an offshore company, which introduced additional complexity to the transaction.

The British bank gained regulatory approval in early 2015, and was founded by entrepreneurs Rishi Khosla and Joel Perlman.

The commercial lender has reduced rates by 0.10%

Mayfair continues to be one of the most sought-after areas for offices in the capital.

The lender chose to use a desktop valuation to reduce costs and time

LHV Bank offered a long-term financing structure without the need for personal guarantees to provide the borrower with the stability required to complete the acquisition.

The deal covered a varied range of assets worth over £34m

The site has planning permission for a residential scheme comprising 74 apartments and parking.

The £1.2 million bridging loan helped to support the fast purchase of a property by its existing tenant.