£2.4m facility funds new housing development in Cambridge
Shawbrook supports experienced developers in Chesterton, Cambridge, providing a £2.4m loan for the construction of five unique residential homes.
At a glance
Expert finance underpinned by a strong relationship
B-Property, a seasoned developer with a track record of delivering quality housing projects, has secured our funding for its latest venture, a new housing development within the Chesterton Conservation Area in Cambridge. The £2.4m loan was agreed at 65% LTGDV for a term of 18 months.
The five-unit development comprises of two semi-detached and two detached houses in a private close, each with their own parking space – a sought-after feature in the Cambridge housing market. The development saw the demolition of a single house to construct five new properties, contributing to the demand for new housing in the area.
This collaboration marks our second scheme with B-Property, following the successful completion of their previous project. We have built a strong relationship with the developers, ensuring we have been alongside them throughout the loan term, which included regular site visits from our Relationship Director and Portfolio Manager.
We are delighted to have secured funding from Shawbrook for our latest housing project. Their continued support and bespoke funding facility has allowed us to progress the project smoothly and we’re excited to see the development completed this year, contributing to the development of much-needed housing in the area.
Mark Hedley, Relationship Director at Shawbrook, commented:
"We are thrilled to continue our partnership with B-Property on this exciting new development. Our focus on strong relationships and reliable finance solutions have played a crucial role in the smooth advancement of this project. We look forward to continuing our collaboration and supporting its future projects from blueprint to reality.”
This collaboration marks our second scheme with B-Property, following the successful completion of their previous project. We have built a strong relationship with the developers, ensuring we have been alongside them throughout the loan term, which included regular site visits from our Relationship Director and Portfolio Manager.
Furthermore, our provision of flexible financing has significantly contributed to the smooth progress of the development, allowing B-Property to stay ahead of schedule. The project is now forecasted to be completed and repaid by September 2024, four months earlier than planned. Moreover, the developers have already sold out three units mid-build, on their way to replicating their past success alongside us.
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