The 61% LTGDV loan — agreed over an 18-month term — will be used to purchase the plot and to fund the associated build costs.

Both properties are set to be substantial in size with high-end fittings, one of which will also include an indoor swimming pool.

This is the second loan that Sourced Capital has funded in the last two weeks, the first being a £218,000 loan for the refurbishment of a four-bedroom house in Swansea.

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Derek Pratt, commercial director at Sourced Capital, said: “We are delighted to be working very closely with the developer on this exciting project, and we look forward to seeing these two luxury properties come to life.
 
“Over the last seven months, we’ve seen a notable increase in demand for these types of property investments, and our most recent opportunities have helped to satisfy this demand amongst our qualified investors.”

Since its launch in 2019, Sourced Capital has funded over £32m of loans for UK property developers — £10m of which was provided in H1 2022 alone — and has returned more than £16m of capital and approximately £2.77m of interest to investors.

The P2P company now expects to lend more than £22m by the end of the year.