Secure Trust Bank (STB) Real Estate Finance has supplied two three-year property development finance loans totalling £10.5 million to overhaul and upgrade two residential units in London.

The first loan, worth £4.3 million, will be used to transform a house in multiple occupancy (HMO) in York Way, Islington – an area thriving off the ongoing expansion of Kings Cross station. Originally built as a brewery, the property will now be refurbished as high-end, furnished accommodation for young professionals living in the capital.

The second, which amounts to £6.2 million, will be used to transform an apartment block currently comprising 14 residential units in Camden.

The deal was led by Mike Feasey, Relationship Director at STB, and brokered by Kevin Stedmann, Managing Director of Garnet Finance.

Kevin said: “Having worked on several projects over the past 18 months with Mike and the wider Secure Trust Bank team, we were well aware of their ability to offer a bespoke facility. We’re delighted to see the refurbishments underway and look forward to seeing them reach completion.”

Mike added: “By facilitating the upgrades of two properties in the capital, we’re proud to be supporting the delivery of high calibre residential accommodation to vibrant areas like Islington and Camden.

“At Secure Trust Bank, we pride ourselves on supporting projects that contribute positively to the communities they serve, and we’re excited to see these developments take shape and delivering lasting value. I’d also like to thank Dinesh Masih, our Relationship Support Specialist, for his help in getting this deal across the finishing line.”

The deal was also advised by professional services firm gunnercooke.