The facility, with Hampstead Homes Southern Ltd, will be used to fund six new luxury residential units in Hampstead: two two-bedroom flats, two two-bedroom duplexes and two three-bedroom duplexes.

The lender pointed to the latest analysis from Savills, showing that demand for properties with more quality living space and outdoor areas has grown as a result of the pandemic, with a greater proportion of those who work in London expecting to work home at least some of the week in future.

A spokesperson for Hampstead Homes Southern said they had seen first-hand banks “retrenching” from the market and withdrawing funding, so they were grateful when the team at OakNorth Bank was not only able to help but also able to complete the deal so quickly.

Priya Chauhan, debt finance director at OakNorth Bank, noted that while London’s high-end residential market had always been an attractive investment, it was enjoying a further boost in demand as a result of the greater amounts of flexible working taking place as a result of Covid-19, as well as the Stamp Duty holiday.

She continued: “We were delighted to support the team at Hampstead Homes – they have successfully completed many projects across London and the South East, so have a clear view as to what buyers are looking for.

“We look forward to seeing how the project evolves and look forward to working with them again.”