Secure Trust Bank Real Estate Finance has agreed a £4.5 million refinance loan with Aldel Designs Ltd.
The loan was secured against 40 apartments at The Avenue, a build-to-rent residential development in Southend on Sea.
Built by Aldel Designs and completed in 2020, The Avenue comprises 62 one and two-bedroom apartments.
The capital raised from the refinance will enable Aldel Designs to extend the property by adding two new floors, creating a further 12 apartments.
Matthew-Blaine Young, Head of Origination, London and South East, at STB REF, said: "The Avenue has proven extremely popular, with the development fully let shortly after it was completed and retaining high occupancy levels since.
"Given the scheme's success, we were only too happy to support Aldel Designs with a loan facility to help finance the new rooftop extension."
Mark Sharpe from Nuco Funding Solutions introduced the deal to STB REF. He said: "Thanks to Secure Trust Bank Real Estate Finance we were able to secure the funding on behalf of Aldel Designs to enable it to proceed with the next phase of the development.
"From application to completion the deal was concluded within four weeks thanks to the assistance and cooperation of all parties."