The six-month £650,000 loan will be used to refinance the borrower’s existing debt and offer them more time to maximise the sale price of the property.
Following a refurbishment, the building now has an extended basement providing additional floorspace, including a cinema room.
Drawdown was executed after it was confirmed that all works had been completed and the property was on the market.
The funding also included a further £790,000 equity contribution towards the developer’s next property scheme.
“This loan significantly reduces the rate I’m paying on it and gives me considerable cash out towards the purchase of my next project in Essex,” the developer stated.
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“In addition, there is no early redemption fee being charged when I repay the loan upon sale.”
Brian West, head of sales and marketing at Saxon Trust, added: “Having launched our new development exit products just over one month ago, I’m delighted that we’ve now completed our first market and sell loan, hard on the heels of our first finish and sell completion.
“With rates starting from 0.79% per month on finish and sell and just 0.57% per month on our new market and sell product, these are proving to be an extremely popular addition to the Saxon Trust product range.”
Loan sizes are available on both products from £100,000 to £5m, with terms between 3-18 months.