Four new developments that together total 32 new homes are to go-ahead following the signing of a record finance deal.
Charworth Homes has secured £2.4 million with SME lender One Stop Business Finance, putting the capital behind plans for Barton, Barrow and Great Coates.
It will also support the continuation of a second Barton build by the North Lincolnshire-based firm, with a third phase in the offing.
Valued at £7 million in total, the properties are due to complete by the end of next year.
James Pearson, director of Charworth Homes, said: “It’s fantastic to now be at the stage where we can start on site at our latest developments in Great Coates and Barton and deliver original, distinctive homes to help meet really strong local demand. This funding deal marks an important milestone in our development programme and that’s why it is so welcome.
“Having had bad experiences with lenders in the past we are very particular about who we deal with. Quality of service, trust and ultimately a good working relationship between us and our lenders is our highest priority when sourcing funding.
“So having worked with One Stop on two previous successful projects, it made perfect sense to work together again and strengthen the relationship further. Not only do we have great trust in the team, but their flexible lending is invaluable to a business such as ours.”
Charworth has already delivered projects in Caistor and Goxhill. Brewers Lane off Pasture Road in Barton will feature eight homes, with Purbeck Walk, close by, adding a further eight - all three-bed semis.
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Seven homes, ranging from three to five bedrooms, will be built at Barrow, off Silver Street, while five three-bed mews style homes are being built at Churchwood, Great Coates.
The finance was facilitated by Paul Plaxton and his team at Gosschalks Solicitors who undertook the legal work on the deal.
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Andrew Mackenzie, managing director of East Yorkshire-based One Stop Business Finance, said: “Having seen Charworth Homes’ previous developments first hand, the new sites at Barton, Barrow and Great Coates look set to be tremendously popular with buyers. In a market dominated by a small number of major national housebuilders offering limited variety, James and his team are doing a great job of building their own unique brand and reputation which we are delighted to be able to support.
“This is the largest transaction that OSBF has funded in our history and flexible funding is so important to developers like Charworth Homes when all too often the mainstream lenders are unable to facilitate developer needs for all sorts of reasons. This is where we can often assist to help bring much-needed housing schemes to fruition and ensuring we can overcome a hurdle to housing supply right across the 海角视频.”