A planning application has been submitted for top floor and rear garden extensions which, when combined with an internal refurbishment, was estimated to increase the value of the property from £1.25m to £2m.

The 70% LTV loan will be used to repay the existing bridging facility and provide additional time to receive a response on the planning application, with the exit strategy being a term loan with another provider.

The deal was introduced by Sirius Property Finance and was completed in April.

Having previously worked with HTB on development finance and specialist BTL mortgage cases, this was the brokerage’s first bridging case with the bank.

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Lorenzo Satchell, head of sales for bridging at HTB (pictured above), commented: “We fully appreciate how delays in planning can put pressure on borrowers and we look to provide solutions to overcome such issues.

“In this case, the financing provided the client with the required breathing space to wait for planning and pay off the existing loan that was coming up to term.”

Luke Casey, associate at Sirius Property Finance, added: “This is an example of what can be achieved when a debt advisor and lender work in partnership to deliver the best result for a client.

“We have previously worked with HTB, but this was the first bridging loan we have completed together, resulting in a happy client who was able to achieve their objectives in a tight timeframe.”