Hampshire Trust Bank (HTB) has agreed an £11.9m development facility to fund the construction of 58 new homes in Ashford, Middlesex.

The scheme, which has full planning consent, will comprise high-quality residential flats built for open market sale through a phased delivery programme. It will use insulated concrete formwork, a construction method chosen for its sustainability credentials and strong thermal performance.

The transaction was introduced by Alex Kotelawala of Pronto Management Consultants, a specialist advisory firm that structured the debt facility.

The deal combined a share purchase acquisition with a subordinated mezzanine facility, requiring careful alignment of funding terms with the developer’s sales-led exit strategy.

The facility was led by Rob Syrett (pictured), lending director at HTB, supported by relationship manager Elysia Walters and head of distribution Scott Apps, alongside the bank’s credit and legal teams.

Syrett, head of origination, development finance at HTB, said the transaction had “multiple moving parts” but demonstrated the bank’s ability to look at “not just bricks and mortar, but the business model and delivery strategy”.

Legal advice on the transaction was provided by Muckle LLP, with senior associate Claire Naughten leading the team. She said the deal highlighted the importance of a “focused, solutions-led approach” to manage the complexities of the share acquisition and ICF construction.

Kotelawala added that the transaction brought together “some of the trickiest elements in development finance” and credited HTB with being “pragmatic, collaborative and commercially sharp” in ensuring the facility worked for all parties.