Saxon Trust has completed a £2.52m development loan for a project in Harwich, Essex, earmarked for the construction of 13 townhouses on a 0.90-acre site.
The financing covers both the acquisition and build costs. Located in a conservation area with good transport links, the properties will offer parking and gardens, with landscaping to support local wildlife.
The project required overcoming several obstacles, including Japanese knotweed, agreements with Network Rail, and relocating slow worms found on site. Saxon Trust has previously worked with the developer and looks forward to a 24-month partnership on this housing project.
Brian West, head of sales & marketing at Saxon Trust, said: “Following a run of recent conversion and development exit loans we are delighted to get back to our ground-up roots by funding the construction of attractive new homes in such a great location.”
Andrew Gardiner, director at Saxon Trust, added: “With a 24-month term on this loan we have completed it through a new bank funding line on a base rate tracking product. Whilst there are no guarantees if, as seems likely, we are at or near the peak of the current interest rate cycle our client will hopefully benefit from rate reductions as the build progresses.”
