Atelier provides £19.9m development loan for 57 Devon homes
The loan, structured over a 36-month term, will enable the development of 48 homes for private sale, as well as nine affordable homes.
Atelier has completed a £19.9m peak debt development facility, funding the construction of 57 new homes near Westward Ho!, north Devon.
The loan, structured over a 36-month term, will enable the development of 48 homes for private sale, as well as nine affordable homes.
Providing a broad mix of homes, the development comprises 11 different house types, including two-bedroom terraced homes, three-storey detached houses, and detached bungalows.
22 of these homes have already been reserved.
Harley Stairmand, lending manager at Atelier, said: “This was a complex transaction that required careful structuring from the outset.
“We structured the facility on a peak-debt basis, which included a significant Day One advance, providing our borrower with a funding solution that reflects the way the development will actually be delivered and sold.”
Peter MacAllan, origination director at DCS Capital Advisory, said: “We were delighted to partner NG Homes with Atelier on this transaction.
“This was the third phase of a scheme with a complex structure and an equally complex borrowing requirement.
“Atelier were commercial, responsive and genuinely solutions-led where it mattered. The end result is an excellent outcome for all parties”
Nick and Graham, directors of NG Homes, Tadworthy Ltd. Westward Ho!, said: “Atelier and DCS Capital Advisory were excellent partners throughout.
“Their commercial approach, responsiveness, and ability to navigate a complex funding requirement gave us confidence at every stage.
“This transaction highlights the value of a collaborative, commercially focused approach to development finance.
“By combining flexible structuring with responsive execution, Atelier and DCS delivered a funding solution tailored to the scheme’s requirements and positioned the development for a successful next phase.”
Related
Inspired Lending provides £822,000 developer exit facility for South East London scheme
Paragon Bank provides £3.8m development finance facility for Bath conversion
Salboy enters BTR market with plans for 2,000 homes
Lower London housing target could cost £41bn in economic output, Pegasus Group warns
BCRS Business Loans provides six-figure funding for Qube Environmental acquisition
Aspen provides £1.9m refurbishment facility for Bath conversion
Rely helps first-time landlord secure funding after previous lender decline
HBI Capital completes £755,000 Somerset hotel refinance through Brickflow
WSP Capital completes £490,000 auction rescue in four days
StreamBank completes £1.5m bridge to support shopping centre acquisition
CapitAll Finance joins the BDLA
