Close Brothers Property Finance has provided development finance for the fourth and final phase of a £120m GDV scheme in Lutterworth, Leicestershire, delivered by Mulberry Homes.
Kingsbury Park marks the largest single scheme ever funded by Close Brothers Property Finance and is the largest and longest-running development in Mulberry Homes’ 15-year history.
The scheme has delivered 288 new homes between 2018 and 2026, bringing the number of new homes financed by Close Brothers Property Finance for Mulberry Homes to over 1,000.
Over the course of its relationship with Close Brothers Property Finance, the housebuilder has delivered 23 developments ranging in size from a 22-unit project in Great Easton to multi-phased schemes of the scale and complexity of Kingsbury Park.
- £120m GDV scheme in Lutterworth, Leicestershire
- 288 homes delivered across four phases since 2018
- Over 1,000 homes financed across 23 schemes in 12 years
A relationship built over 12 years of development finance
“Our relationship with Mulberry Homes spans more than a decade and is built on mutual trust, consistent communication and a shared commitment to delivering high-quality housing,” said Simon Davey, business development director at Close Brothers Property Finance.
“In today’s environment, where delivery timelines are longer and market conditions more complex, relationship-led lending has never been more important,” he added. “We remain committed to supporting established SME housebuilders like Mulberry Homes to bring forward much-needed new homes across the UK.”
Delivering a scheme of this scale over eight years meant navigating some of the most disruptive conditions the housing market has seen in recent decades. Across the build period, Mulberry Homes managed operational pressures resulting from Brexit, the Covid pandemic and the economic turbulence that followed Russia’s invasion of Ukraine, with maintaining a consistent subcontractor base across an extended build period among the key challenges.
John Burke, finance director at Mulberry Homes, said Kingsbury Park has experienced both the best and worst of housing market conditions. “Kingsbury Park has experienced both the best and the worst of housing market conditions, but it has proven to be a highly resilient location, with demand remaining steady even during the market’s lower ebbs,” he said.
“A phased approach has been vital to allow us to deliver high-quality homes alongside the infrastructure and open spaces needed to create a thriving community.”
“Close Brothers has been a consistent partner from the outset, with a strong understanding of both the scheme and the wider development lifecycle,” he continued. “Their ability to provide flexible, pragmatic support when required has played a key role in helping to keep the project on track and delivering it efficiently.”
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