Tuscan Capital has announced the funding of a £6.8m deal for five luxury, multi-unit residential properties in Cheshire.

The transaction, introduced by Arc & Co, was completed at 75% LTV.

Tuscan Capital provides non-regulated bridging finance to the residential, commercial, semi-commercial, HMO and mixed-use real estate sectors in England and Wales.

The purpose of the loan was to repay the existing lender and raise finance to complete another scheme within the developer’s portfolio.

Some of the properties were funded pre-practical completion, with multiple exchanges and offers already secured.

The client, an experienced developer active in the region since 2010, faced delays due to supply chain issues and rising material and other costs over the past two years.

Tuscan said its flexible approach enabled the developer to refinance the existing lender and gain time to sell the units.

The lender said that this transaction was part of a "record-breaking" first half of 2024, with multiple deals funded across a range of asset classes, covering residential, semi-commercial and commercial properties.

Associate director at Tuscan Capital, Stephen Palfreeman, said: "When receiving a deal involving multiple properties before practical completion, it is vital to get a good background and information flow of what the situation is. Arc & Co always put together a detailed and thorough submission when sending in their deals, and this one in particular allowed us to shape our view of the deal at an early stage."

Director at Arc & Co, Cameron Hayes, added: "Despite a recovering sales market and the relative stabilisation of the issues which have plagued developers for the last few years, there remain clients who need to refinance or consolidate their debt on projects or portfolios that have been impacted. It's vital to have the support of commercially-minded lenders like Tuscan, who are willing to provide higher leverage to borrowers that require it."

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