“With curtilage listed buildings and new-build homes across two sites, the project presents a range of technical and planning complexities”
– Paul Hayward – Atelier
Development finance lender Atelier has completed a £7 million loan to support the conversion and development of 10 new houses across two sites in Royal Tunbridge Wells, Kent.
The loan, structured at 70% loan-to-gross development value (LTGDV), will fund the conversion of curtilage listed buildings into six dwellings, alongside the construction of four new homes.
This latest funding follows a bridging loan provided by Atelier two years ago to part-fund the purchase of the sites, demonstrating the lender’s ongoing commitment to supporting developers throughout the entire development process. Bridging-to-development loan structures allow developers to quickly secure high-quality sites with a bridging facility before moving to a tailored development loan once conditions are set.
The new properties will be located within the High Weald Area of Outstanding Natural Beauty, offering a mix of homes in a desirable rural setting. Housebuilding targets in Royal Tunbridge Wells have recently been increased by 66% by the Government, the highest rate in Kent. The town recorded the greatest house price growth in the county last year, rising 8.1%, or by £35,835. Royal Tunbridge Wells is also regularly voted the best place to live in Kent.
Paul Hayward, credit director at Atelier, said, “It has been a pleasure working with our client over the past two years, initially to provide a bridging facility that enabled the site acquisition, and now to provide development finance for this high-calibre scheme. With curtilage listed buildings and new-build homes across two sites, the project presents a range of technical and planning complexities.”
He added: “We’ve worked closely with the borrower to structure a funding facility that addresses those challenges, and we look forward to seeing the finished development in this sought-after and popular location.”
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