Dragonfly Property Finance has completed on a £1 million deal introduced by Y3S Bridging & Commercial.

The deal, a 12-month first charge of £1.04 million at 0.95% pm, was on a derelict residential property in Surrey with a current market valuation of £1.85 million.

The property will be turned into a lodge and is expected to have an open market valuation of £7-8 million on completion.

Dragonfly says it ‘may’ provide additional funding if necessary in future.

Mark Posniak, head of marketing and operations at Dragonfly Property Finance, said: “Given the quality of the borrower and the choice location