The loan was issued for a 12-month period to an experienced developer and helped to fund the project, which comprised two two-bed apartments, four three-bed apartments, a three-bed lodge and two three-bed semi-detached houses.
The houses will have Grade II-listed status from the previous buildings, with the project due to reach practical completion by the end of the year.
The specialist lender worked closely with the broker to overcome time constraints so that it could successfully complete the refinance of the previous lender.
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Broker John Luttrell said: “…The team at Avamore worked around the clock to get this deal initially agreed and subsequently completed in good time.
“The terms were extremely competitive, and the end result is a very happy client.”
Chris Treadwell, senior debt for real estate development at Avamore, added: “After John came to us, we quickly got a member of the team out to the site to understand the property’s dynamics.
“The borrower’s previous experience and attention to detail shone through, as those units which have already been completed have all been built to an incredibly high specification.”