Development finance lender Atelier has completed a £19.9m peak debt development facility to fund the construction of 57 new homes near Westward Ho!, on the north Devon coast.
The 36-month facility will fund the development of 48 homes for private sale alongside nine affordable homes.
The scheme will provide a mix of property types, comprising 11 different house types, including two-bedroom terraced homes, three-storey detached houses and detached bungalows.
A total of 22 homes have already been reserved, with the development located near Westward Ho!, a former Victorian seaside resort that has undergone significant redevelopment in recent years.
“This was a complex transaction that required careful structuring from the outset. We structured the facility on a peak-debt basis, which included a significant Day One advance, providing our borrower with a funding solution that reflects the way the development will actually be delivered and sold,” said Harley Stairmand, Lending Manager at Atelier.
“We were delighted to partner NG Homes with Atelier on this transaction. This was the third phase of a scheme with a complex structure and an equally complex borrowing requirement. Atelier were commercial, responsive and genuinely solutions-led where it mattered. The end result is an excellent outcome for all parties,” said Peter MacAllan, Origination Director at DCS Capital Advisory.
“Atelier and DCS Capital Advisory were excellent partners throughout. Their commercial approach, responsiveness, and ability to navigate a complex funding requirement gave us confidence at every stage. This transaction highlights the value of a collaborative, commercially focused approach to development finance.
“By combining flexible structuring with responsive execution, Atelier and DCS delivered a funding solution tailored to the scheme’s requirements and positioned the development for a successful next phase,” said Nick and Graham, Directors at NG Homes, Tadworthy Ltd, Westward Ho!, north Devon.
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