Atelier has completed a £7m development loan, structured at 70% loan-to-gross-development-value (LTGDV), to fund the conversion of curtilage listed buildings into six dwellings, coupled with the construction of four new dwellings.
The loan completion comes two years after Atelier’s provision of a bridging loan to part-fund the purchase of the sites for development.
The new homes will comprise a mix of properties in an attractive rural setting within the High Weald Area of Outstanding Natural Beauty.
Housebuilding targets in Royal Tunbridge Wells have been increased by 66% under the Government, the highest in Kent.
The town saw the highest house price growth over the last year anywhere in the county, rising by 8.1 per cent or £35,835, and is frequently voted the best place to live in Kent.
Paul Hayward, credit director at Atelier, commented: “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.
“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.”
