Pivot structures £1.3m two-phase Yeadon development facility in 16 days
25 August 2026
Pivot has structured a £1.3m phased development facility for a site in Yeadon, Leeds, funding the refurbishment of an existing house on day one and ring-fencing a further tranche for four new homes, released once full planning consent is granted.
The site sits around eight miles north-west of Leeds city centre, less than a mile from Leeds Bradford Airport. It comprises a detached stone-built house on a larger plot, with land behind it allocated for four additional family homes.
The borrower is an experienced developer with 30 years of residential development, refurbishment and regeneration experience across Leeds and the wider North of England, with a track record spanning apartment conversions, new-build schemes and portfolio work at far greater scale than this project. This is the fifth scheme Pivot has funded for him, delivered on a self-build basis through his own contracting business, meaning site work could start the moment funds were released.
The refurbishment, which carries no planning risk, was funded immediately at 65.9% LTGDV and 82.3% LTC. The development tranche for the four new homes is ring-fenced separately, releasing once full planning consent is in place.
Most lenders would have forced a choice: wait for full planning before funding anything, losing months on a refurbishment that could start straight away, or fund the acquisition and refurbishment now and return to the market later for development finance, taking on a second valuation, a second set of legals and a second underwrite. Pivot did neither, structuring a single 21-month facility that covered both phases.
The whole scheme was underwritten on day one: a single facility, with one lender and one set of legals, the result of reading the scheme the way a developer would, as two pieces of work with different risks and timelines, rather than a single loan to approve or decline.
The transaction was led by Georgie Crocker, Relationship Manager, and Nathalie Manser, Credit Manager. The facility was completed in 16 days, letting the refurbishment start immediately rather than waiting on the planning timeline for the wider scheme.
Georgie Crocker, Relationship Manager at Pivot, commented:
“Our track record with the borrower meant we could move quickly, having funded four previous developments together. From day one, the borrower has certainty to acquire and refurbish the existing house, with Phase 2 funding agreed and ready to draw once planning is secured. This removes the need to source new finance between phases. In a challenging market, making the funding process as smooth as possible for developers is a priority for us; ultimately, we all want to see the development succeed.”
Nathalie Manser, Credit Manager at Pivot, added:
“Recognising the different risks and timelines across the two phases allowed us to structure the facility around the way the development would actually progress. Our efficient credit process meant we could agree that structure quickly, giving the borrower immediate funding for the refurbishment while retaining certainty around Phase 2.”
The transaction also drew on Pivot's professional panel, with the valuation carried out by Rebecca Smith at Knight Frank and Nick Draper at Watts acting as monitoring surveyor. Jill Parker, Liz Roberts and Leon Pascal at Dovetail Law acted for Pivot on the legal side.
