Inspired Lending has completed an £800,000 funding deal to support the completion of a part-built residential development near Plymouth.

The “finish and exit” facility has been provided to a repeat client to enable the final stages of construction on seven new homes, all of which had been pre-sold to a housing association.

The project had previously stalled after the collapse of the original contractor, leaving the site partially built and without a clear route to completion.

Each of the seven units was at a different stage of progress, ranging from near-completion to more substantial unfinished states. Inspired Lending structured the facility to release funds in line with the new contractor’s construction programme, drawing down capital in phases to coincide with specific work milestones.

This phased drawdown model not only enables a more controlled build-out but also reduces the borrower’s interest burden by limiting the amount of capital on loan at any given time.

The facility will be repaid upon the sale of the completed units to the housing association, once practical completion has been achieved.

This latest transaction follows Inspired’s recent £2 million facility in Nottingham, which supported the acquisition and full residential conversion of a vacant commercial building into a house in multiple occupation.

That deal provided 100% of both purchase and development costs, reflecting the firm’s willingness to fund entire project cycles.

Gavin Diamond, chief executive of Inspired Lending, said: “Deals like this highlight the value of short-term lending that’s flexible and responsive to the real-world challenges developers face.

“By structuring the loan in line with the contractor’s programme, we’ve supported a smooth on-site restart and helped keep costs under control.

“It’s a simple, sensible approach that works well for all parties, especially when timing is critical.”