The borrower plans to redevelop an exclusive Grade II Listed townhouse on super-prime residential location, South Audley Street.

The longer-term lender has announced that it has reduced rates on its range of 5-15-year fixed products

The Mortgage Lender has also announced that it is to reintroduce its buy-to-let fee-saver product from today.

The lender has announced fresh rate reductions on its buy-to-let product range across all loan-to-values up to 75%.

96% of homebuyers who had abandoned their plans due to escalating interest rates now say they are going to re-enter the housing market.

The development exit loan was structured with a short 12-month term to align with the anticipated rapid sales of the properties.

The funding comprises a £7m acquisition bridge, provided by specialist lender Octane Capital, and a £2.3m VAT loan from Adsum

The rate cuts include reductions across the lender's residential, right-to-buy, and deposit unlock ranges.

The changes are live with immediate effect with applications sold on older products honoured, providing an offer is issued before the 31st of October

The lender has also announced that it has made a series of rate reductions for short-term and holiday-let landlord borrowers.