Tradelend has provided a loan of £6.2m to Cheyne Capital backed housebuilder, Backhouse, to enable the purchase of a new site that will further enhance the Backhouse pipeline.
The loan has been secured over three residential sites with the developments featuring a mix of two, three and four bedroom houses.
The structured facility allows for the net sale proceeds of each site to be apportioned individually, to suit the cashflow requirements of the Backhouse group during the term of the facility.
Nic Potter of Tradelend Property Finance said: “Tradelend are delighted to support Backhouse at this pivotal time of their growth strategy.
“Backhouse are a well known SME Housebuilder in their target market and have ambitious growth targets. We were pleased to offer a facility that aligned with their requirements.”
Richard Castle, CFO of Backhouse Housing, added: “Nic and George have been great to work with and have shown real flexibility in tailoring the facility to our needs.
“This structured debt facility enables us to leverage the value in our existing built housing stock to secure new sites and accelerate the strategic growth of the business”.
Theo Hajoglou of Cheyne Real Estate said: “Delighted that Backhouse have used Tradelend who offered a flexible, short term financing solution that enabled the swift acquisition of a new site for Backhouse.
“This will enable Backhouse to enhance their pipeline and continue to meet their ambitious growth targets.”
