The property and its stable were redeveloped into five new build luxury homes.
Of the total sum lent, £1.7m was used to refinance the borrower’s existing debt, £350,000 went towards completing the development works, and £250,000 was used as an equity contribution towards the client’s next two projects, which Saxon Trust will be funding from ground up.
The six-month loan was completed upon confirmation that all five units were wind and watertight.
The developer aims to finalise the development by the end of May.
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This is the third loan that Saxon Trust has closed for this client in the last two years, having forged a close working relationship with them during the pandemic.
Brian West, head of sales and marketing at Saxon Trust, said: “We are delighted to complete this loan so soon after launching our new development exit products.
“With rates starting from 0.79% per month on the ‘finish and sell’ option, and just 0.57% per month on our new market and sell product, we already have a strong pipeline building which bodes very well for the coming months.”