The facility was priced at 0.89% per month and will be refinanced in 2026.

Arc & Co. has completed multiple £20m+ funding transactions so far this year.

This latest deal follows the bank completing a £17.1 million facility to refinance land for the next stage of a major regeneration project in Luton earlier this month.

The development will deliver 14 apartments, including six one-bedroom and eight two-bedroom units.

Security included first and second charges on residential properties in Glasgow and Dumfries.

The scheme includes a £22.6m loan contribution from the Greater Manchester Pension Fund.

Phase two will deliver 592 residential units across three towers.

The new development will deliver 81 beds across nursing, residential and dementia care.

The project will deliver five detached homes, including two four-bed and three three-bed properties.

The £1.12m loan represented 70% LTGDV and 84% LTC, exceeding the lender’s usual limits.