The deal, which was introduced by Arc & Co, was completed at 75% LTV and was needed to repay the existing lender and raise finance to complete another scheme within the developer’s portfolio.

Some of the properties were funded pre-practical completion, with multiple exchanges and offers already secured.

The client, an experienced developer, faced delays due to supply chain issues and rising material and other costs over the past two years.

The developer was able to refinance the existing lender and gain time to sell the units, providing a tailored financial solution.

Stephen Palfreeman, associate director at Tuscan Capital, commented: “When receiving a deal involving multiple properties before practical completion, it is vital to get a good background and information flow of what the situation is.

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“Arc & Co always put together a detailed and thorough submission when sending in their deals, and this one in particular allowed us to shape our view of the deal at an early stage.

“We specialise in high leverage solutions for developers, and offering 75% LTV (not being restricted to 90/180-day figures) allowed the client to refinance the existing lender and give time to sell the units.

“We have worked with the Arc & Co team for a number of years and look forward to completing more deals over the next few months together.”

Cameron Hayes, director at Arc & Co, said: “Despite a recovering sales market and the relative stabilisation of the issues which have plagued developers for the last few years, there remain clients who need to refinance or consolidate their debt on projects or portfolios that have been impacted.

“It's vital to have the support of commercially-minded lenders like Tuscan, who are willing to provide higher leverage to borrowers that require it.

“We are there for our clients throughout the various market cycles, and Tuscan have proven to be a funding partner who align with that commitment."