The deal follows a recent record month of lending for HREF, with over £200m of its own funds loaned to bridging borrowers in 2024, and almost £44m in February 2025 alone.

This latest deal marks the fourth completed between Secure Trust Bank Real Estate Finance and Castleforge since 2019.

The latest deal builds upon the lender's strong track record in PBSA funding across the UK, with a growing portfolio of projects in key university cities.

The loan backs the joint venture between Valpre Capital and CKC Properties and will be used to acquire the landmark purpose-built student accommodation site.

The latest agreement from Aspen helped the applicant to cover an existing finance agreement, recommencement of works, and further drawdowns.

The borrowing entity was an offshore company, which introduced additional complexity to the transaction.

This latest deal follows Recognise Bank’s recent completion of a £1.6m bridging loan in Basingstoke and a £1.3m bridging loan in Liverpool’s Fabric District.

The office-to-residential conversion in Radstock helped transform underutilised space into quality homes.

The loan, provided at 70% LTV on a 12-month term, is expected to be repaid through the sale of the property.

The development comprises nine three and four-bedroom homes on the site of a former scrapyard.