The loan has a twelve-month term, giving the developer short-term liquidity to progress their programme

The project is structured over a 30-month programme.

The final projected GDV of the property is £2.8m after remodelling and additional works.

The property is expected to reach a GDV of £2.75 million once works are completed.

Brook House Place will deliver 57 homes, including one-bedroom apartments and four-bedroom family houses.

Last month, OakNorth provided a bespoke loan to Lovett Care, enabling the care provider to acquire Belvedere Manor, an 84-bed purpose-built care home in Colne, Lancashire.

The facility is worth £25m and supports over 30 student and HMO properties.

Homes in the development are priced from from £245,000 to £335,000 and are expected to achieve a minimum EPC rating of B.

Phase one of the development will deliver 14 units with a projected gross development value of £5.34 million.

Last month, the lender completed an £8.28m facility to support the acquisition and preparatory works for a landmark development site in central Manchester.