The loan — agreed at an LTGDV of approximately 66% — will fund the development of nine new apartments over two storeys on top of a print business in south east London.

Fruition Properties will market eight of the new high-spec apartments, while the ninth has been pre-sold to the freeholder as part of the development agreement.

The facility will also fund the delivery of a second scheme, which will see six three-bedroom penthouse apartments built on top of three art deco buildings, and a new single storey villa on the ground in north London.

Each of the penthouses will be marketed for more than £1m upon completion.

The developer will also carry out extensive upgrade and improvement works to the ageing buildings as part of the project.

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The exit plan for the facility is the sale of all properties.

Jonathan Nail, senior director of property development at UTB, said: “Airspace development requires a unique skillset on top of those required by a traditional housebuilder.

“I am delighted that UTB is continuing to support Fruition Properties with funding to create 16 new homes.”

Mani Khiroya, CEO at Fruition Properties, added: “We have worked with Jonathan at UTB for many years now on a number of typical new build developments, and are pleased to be partnering with them again.

“Demonstrating that it is open to embracing what are complex and innovative transactions, UTB’s support and flexibility has been invaluable to us in these uncertain economic times.”