Development made up 14.3% of deals and 23.1% of value, with a separate £25.8m self-build facility accounting for 10.6% of value from one transaction.
Lending in the South West rose from £14m to £36.4m, the strongest regional gain.
Andrew Robinson (pictured), partner at FRP Real Estate Advisory, said: “What has really shaped this year is the return of the banks, and they have come back at every level of the market, not just at the top.
“The challengers cannot always win on price, so they are winning on the journey instead, bridging a client into an asset, funding the works, and then keeping them as the relationship matures onto a term product.
“We placed deals with 65 lenders this half, up from 52, and almost none of it was a rate-card exercise, with every deal argued and matched to the right funder.”
Robinson added: “That is exactly why clients are leaning so heavily on advisers who know the whole landscape rather than a handful of relationships, and why this has been one of the hardest markets I have worked in, but also one of the deepest, with real choice out there for those who know where to look.”
Edward Horn-Smith, partner at FRP Real Estate Advisory, said: “Liquidity is strong, and the demand to borrow is just as strong, and the real skill right now is bringing the two together and getting deals over the line.
“We see two clear directions of opportunity for the rest of the year: refinancing assets that are still sitting on legacy terms as balance sheet lenders offer higher LTVs, and acquisition finance for stock trading at a genuine discount.
“We are currently working on one office deal being bought at close to half what the vendor paid seven years ago, and that tells you more about where this market is than any single transaction usually would.”
Horn-Smith added: “Developers are not building for profit anymore; they are building to get their money back, and finding lenders willing to back that is where we are spending most of our time.”