The 24-month term facility will be used to purchase a disused farmland site on the outskirts of Martham and to construct 63 private homes in the first two phases of the project.

The funds will also help the company acquire the necessary land for the third phase of the scheme.

The overall project will deliver a total of 112 homes, 24 of which will be affordable housing units for the local community, which will be funded by a housing association.

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While a development loan for all 112 units would have been outside typical lending criteria, the lender was able to create a bespoke lending structure thanks to the strong relationship between it and the borrower, which completed several loans with Blackfinch prior to this.

John Hartigan, senior investment manager at Blackfinch Property, said: “We were particularly pleased to complete this latest of our loans with Elemento Group. 

“As well as working closely with them to create a bespoke lending structure, the purchase involved quite a few parties which required diligence and dedication from the borrower, its advisers and the Blackfinch legal team to get the loan agreement in place.

“The resulting three-phase project ensures funding is focused on phases one and two, with agreed milestones in place so that the borrower can sensibly manage its build programme.”