The loan was issued over a 12-month period at 63.9 per cent loan to gross development value (LTGDV) to an experienced developer who had completed similar projects in the surrounding area.
The project, which was part completed when Avamore stepped in, comprised a pair of two-bed apartments, four three-bed apartments, a three-bed lodge and two three-bed semi-detached houses.
Despite being new build, the houses will have Grade II listed status as the planning required historic timber salvaged from the old barn structure.
The project is due to reach practical completion by the end of the year and once completed, the units are expected to appeal to first-time buyers and property investors.
Avamore worked with broker John Luttrell to execute on the refinance of the previous lending.
Chris Treadwell (pictured), deal originator and relationship manager at Avamore, said: “It was great to close another finish & exit transaction. By the time we stepped in, the site was wind and watertight which meant that we could take comfort in the strength of the scheme.
“After John came to us, we quickly got a member of the team out to the site to understand the property’s dynamics; the borrower’s previous experience and attention to detail shone through as those units which have already been completion have all been built to an incredibly high specification.”
He added: “We worked quickly and efficiently to support the development and were delighted to get this deal over the line.”