Pivot has provided an initial £9m facility to help the borrower - an experienced developer with a strong record - acquire the derelict commercial property in the Osmondthorpe area of the city, before turning it into a luxury apartment complex.

The 54-unit residential development is a first for Osmondthorpe which is undergoing a wider regeneration. In 2018, Leeds City Council began a wide-ranging brownfield redevelopment programme to create 1,000 homes across the city as part of a £140m scheme.

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With this project in particular, Pivot had to navigate numerous challenges in this project due to the distressed nature of the asset which was bought out of receivership. In addition, several planning issues had to be nullified before the acquisition could be included.

Pivot’s team negotiated a series of bilateral agreements with off-plan investors whose deposits needed to be repaid as sales went through. This helped ensure restrictions on the title were removed, allowing the deal to proceed.

The building’s concrete structure also raised design and structural complications for the apartments.

Shahil Kotecha, Pivot CEO and lead on the case, said: “This was the perfect opportunity to showcase our abilities as a creative lender which has the necessary skillset to handle complexities of all kinds.

“Having real-life experience in development, we understand the nuances at play and prioritise partnership and excellent communication to ensure our clients really feel that they are in safe hands.”