Having part-funded the acquisition of the site, Saxon will be fully funding the construction and build costs of 13 townhouses.

The site is located within a conservation area, in proximity to shops, amenities and a railway station offering access, with all the properties set to include allocated parking spaces and rear gardens.

The 67% LTGDV case was met with several hurdles that needed to be cleared before loan completion, most notably including Japanese knotweed remediation, the requirement for a BAPA (Basic Asset Protection Agreement) with Network Rail and the capture, translocation and habitat mitigation for Slow worms found on the site.

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Brian West, head of sales and marketing at Saxon Trust (pictured above), commented: “Following a run of recent conversion and development exit loans we are delighted to get back to our ground-up roots by funding the construction of attractive new homes in a such a great location.”

Andrew Gardiner, director at Saxon Trust added: “With a 24-month term on this loan we have completed it through a new bank funding line on a base rate tracking product.

“While there are no guarantees if, as seems likely, we are at or near the peak of the current interest rate cycle our client will hopefully benefit from rate reductions as the build progresses.”