Mayfair continues to be one of the most sought-after areas for offices in the capital.

The 60-bed scheme is made up of a former council building which has since been demolished.

The new development in Eastrea will feature a mix of two, three and four-bedroom bungalows and houses.

The deal faced multiple hurdles, including a 12-month completion period and a developer stepping up from a £1.6m GDV single-unit to a multi-unit scheme.

The loan marks the bank’s second deal with Maven Capital Partners

The lender chose to use a desktop valuation to reduce costs and time

HREF has started 2025 with a number of significant bridging transactions and anticipates closing a further three deals totalling over £30m in the coming weeks.

The 75% LTV loan was executed within three weeks from valuation

The project is expected to take between 6 and 9 months to complete, with the 18-month loan term allowing ample time for this and the subsequent sale.

LHV Bank offered a long-term financing structure without the need for personal guarantees to provide the borrower with the stability required to complete the acquisition.