Hampshire Trust Bank has completed a £13.68m development facility for the second phase of a residential scheme at Knowle Grange, Shepley, near Huddersfield.
The funding supports Vivly Living, a Huddersfield-based housebuilder delivering energy-efficient homes across the region, in constructing 52 new build homes targeting local families and first-time buyers. All homes will be delivered on a freehold basis and are forecast to achieve EPC A ratings, reflecting growing demand for energy-efficient housing.
The scheme has full planning consent and will be delivered for private sale. The funding builds on the successful delivery of 31 earlier homes on the site.
The facility follows a change in funding arrangements and required a structure and level of leverage that fell outside standard lending parameters. Hampshire Trust Bank structured a solution aligned to the scheme’s delivery profile, taking a considered view on leverage and risk to provide the certainty and commercial confidence needed to move the project forward.
The deal marks a new relationship between Hampshire Trust Bank and Vivly Living, while further strengthening the bank’s relationship with Ice Cubed Property Finance, which introduced the case. Lending director Harry Bhogal led the transaction, with support from Josh Swaby, business development manager for the North and Midlands, and Joseph Gibson, relationship manager.
“This was a strong Phase 2 scheme with clear fundamentals, but it required a lender willing to take a considered view on leverage and delivery,” said Harry Bhogal, lending director at Hampshire Trust Bank (pictured). “Our focus was on providing certainty and clarity from the outset, so the client could progress with confidence. It’s exactly the type of regional development we’re set up to support.”
George Butterfield, director at Vivly Living, added: “We are delighted to be working with HTB on this project. They took the time to understand the scheme and our objectives, plus they gave us confidence that they could deliver.”
“Their clear communication and pragmatic approach allowed us to move forward in a speedy manner, knowing that the funding was properly aligned with the project. We are now on site and working towards our new Show Home launch in March, and bringing much-needed A-rated energy-efficient homes to the village of Shepley.”
“This was a well-prepared Phase 2 development that required a lender able to look beyond standard lending parameters,” said Tom Frank, managing director of Ice Cubed Property Finance.
“HTB’s understanding of the local market, combined with their flexibility around structure and leverage, made them the right fit for the client and ensured the project could move forward with confidence.”
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