Reward’s initial facility supported the redevelopment of the business park, a disused site with a derelict mill.

The initial deal saw the completion of part of the site allocated to Speedy Hire.

This was quickly followed by support from Reward for the redevelopment of the original mill, further to an agreement for lease with REACT Engineering.

The Speedy asset was then sold and the first facility was almost fully repaid.

The mill is now completed and tenanted, with funding leveraged against the asset, allowing the client to fund other external projects.

The latest advance represents a seven-figure increase to the existing facility and is expected to be formalised into a longer-term structure in the near future.

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The additional capital will enable the client, a property developer and investor specialist, to release capital from the now-completed development and redeploy it into further projects, including the acquisition of a new business venture.

Mark Walker, managing director at Cleator Mills Business Park, said: “Reward was the obvious choice for a funding partner from day one.

“The original deals helped us acquire and develop Cleator Mills into a thriving commercial site.

“The mill has brought immense value to the community, developing a run-down derelict site into an attractive commercial space, including a café that is open to the public, and bringing jobs to the local area.

“The additional funding will support our next phase of growth, including some housebuilding development opportunities in a new region.”

Gareth Boardman, relationship manager at Reward Funding, added: “We’re very pleased to continue our support of Mark and Cleator Mills.

“The transformation of the site has been truly remarkable, with the completion of high-quality units and high-value tenants generating strong rental income.”