The funding — agreed on a seven-month term — will enable the client to continue with the second phase, which will feature nine terraced and two semi-detached houses, following the practical completion of nine units in phase one.
The inclusion of three affordable homes in phase two means that seven affordable homes have now been allocated across both phases of the project, completing the obligation approved under the original scheme.
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Blackfinch Property’s legal team was able to put in place a complex security structure to help diversify the risk across the other developments that the lender has funded with this borrower.
John Hartigan, senior investment manager at Blackfinch Property, said: “We were delighted to support the second phase of this successful development, particularly after the first phase had been completed ahead of time.
“This final phase completes a much larger development originally undertaken by a different developer that would otherwise have remained neglected, as well as meeting the housing requirements of the people of Rackheath.”