The loan backs the joint venture between Valpre Capital and CKC Properties and will be used to acquire the landmark purpose-built student accommodation site.

The latest agreement from Aspen helped the applicant to cover an existing finance agreement, recommencement of works, and further drawdowns.

The borrowing entity was an offshore company, which introduced additional complexity to the transaction.

This latest deal follows Recognise Bank’s recent completion of a £1.6m bridging loan in Basingstoke and a £1.3m bridging loan in Liverpool’s Fabric District.

The office-to-residential conversion in Radstock helped transform underutilised space into quality homes.

The loan, provided at 70% LTV on a 12-month term, is expected to be repaid through the sale of the property.

The development comprises nine three and four-bedroom homes on the site of a former scrapyard.

The loan was structured at 60% LTV over a 12-month term

The loan enabled UTB's customer to buy a retirement property and consolidate existing debt.

The transaction is the first to be completed between Acre Lane and SPF Private Clients.