The two-bedroom mid-terrace house had permission to be refurbished into a four-bedroom property.
Magnet Capital has seen considerable growth since the property market reopened in May 2020, recording its best month since launching in 2018.
The 0.64-acre site at One Fox Lane was acquired by Dominvs Group in September 2018.
The development finance product offers loans from £100,000 to £750,000 at an LTGDV of 60%.
The transaction has a loan-to-value (LTV) of 64.6% and was issued for a 6-month term, after which it will be refinanced onto a pre-agreed development facility with Avamore Capital.
The funding has enabled Stephens and Stephens to deliver the scheme under its own brand, as both the developer and main contractor.
Legal & General’s £5m gift will be used in two distinct projects, the first of which will fund additional facilities for older residents at Newcastle Helix.
The case was completed on the lender’s flat rate product at 0.89% across the 10-month terms.
Cabinet Office Minister Lord Agnew has revealed that the government is boosting its Land Release Fund and the One Public Estate programme.
The collaboration will create a £25m revolving fund to allow Invest & Fund to support small builders.