The facility supports the acquisition of the freehold of the building, conversion and construction costs, S106 and CIL liabilities, professional fees, interest and a 4-month VAT...

The facility was offered at 9% and completed in three business days

Exit will be achieved through the sale of all six units

Both homes are anticipated to open in early 2026 and will deliver 169 beds to an area experiencing a chronic shortfall of high-quality, new purpose-built care homes.

The loan, at 70% LTV over six months, enables the consolidation of three investment properties into a single corporate structure.

The client, a large developer in Exeter, has refurbished an old semi-commercial building into 28 luxury flats with a GDV of £7m.

This latest deal follows the completion of a second charge bridge for a retirement home in Cyprus earlier this month

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.