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

Despite remaining the most popular use of bridging loans, the popularity of refurbishment has lessened in recent years.

The project is expected to take between 6 and 9 months to complete, with the 18-month loan term allowing ample time for this and the subsequent sale.

The total loan facility represents 60% LTGDV with a 15-month term

The new product, designed to support larger, more complex projects, follows 'overwhelming demand' from brokers and their clients for flexible refurbishment funding solutions.

The property comprises 11 retail units and 25 residential flats which form a key part of the location’s high-street landscape

The property in Barnet, north London, had planning permission for a change of use from a clinic to a three-bedroom residential family home.

The loan provides funding to the MUI Group to refinance existing loans and finance a comprehensive refurbishment of the property.

Paragon's latest landlord product is available up to 75% LTV and transfers to a buy-to-let mortgage at the end of the refurb period.

The developer has completed five separate deals in less than 12 months with Aspen at a total loan value of £2.1m.