“Our lending directors are based regionally, which gives us the local context we need to assess risk properly and structure funding that works in practice. It’s that combination of continuity and local insight that helped this project move forward, and we’re pleased to be supporting the next phase”
– Neil Leitch – Hampshire Trust Bank
Hampshire Trust Bank (HTB) has announced that it has provided a £3.6m development finance facility to support the construction of 21 new homes in the North East.
The funding will enable the delivery of the second phase of a residential scheme aimed at first-time buyers, local owner-occupiers and second movers. The homes will be built on a freehold basis, with full planning permission secured. The deal was introduced and brokered by Mark Nixon at Finance 55, who continues to work with the borrower on their broader funding requirements.
This latest facility builds on HTB’s support for the scheme’s initial phase, which has now been completed and sold. Structured alongside an existing land loan for future phases, the new agreement included an updated land valuation to ensure compliance with HTB’s lending policies, while offering the flexibility needed to continue development.
“Having supported the first phase of this site, we were already familiar with the location, the borrower and the professional team involved,” said Russell Higgins, lending manager at HTB (pictured). “That background allowed us to structure this next facility efficiently and in a way that complemented the existing land funding. It is a good example of how continuity and experience can help move projects forward with confidence.”
HTB has also approved funding for a third phase of development, which will add a further 23 homes to the scheme.
“It’s a pleasure to support a long-standing client on the next phase of this much-needed development,” explained Mark Nixon, managing director at Finance 55. “Working with HTB continues to be a positive experience; their team brings a consistent, pragmatic approach that helps get deals done efficiently and with confidence.”
“Having supported the site from its early stages, we were already familiar with the planning structure, the delivery approach and the wider objectives behind the scheme,” noted Neil Leitch, managing director of development finance at HTB. “That understanding allowed us to provide a facility that complemented the land funding already in place and supported the borrower’s next phase of delivery.
“Our lending directors are based regionally, which gives us the local context we need to assess risk properly and structure funding that works in practice. It’s that combination of continuity and local insight that helped this project move forward, and we’re pleased to be supporting the next phase.”
The transaction was delivered by a team including Josh Swaby, Russell Higgins, Rob McFarlane, Giosue Vallelonga, John McDonnell, and the bank’s credit and quality assurance team.
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