United Trust Bank (UTB) has provided £10.7m in acquisition and development finance to support two new Surrey residential schemes being delivered by Rushmon Homes, with a combined gross-development-value (GDV) of £16.5m.
The developer recently sold all apartments at Hurley House in Cobham, a UTB-funded scheme of five high-specification Georgian-style apartments that achieved off-plan prices between £1.47m and £1.75m.
The first of the new projects will deliver 18 two-bedroom apartments across two three-storey blocks on a redeveloped residential footprint, with a GDV of around £8.8m.
The second scheme will create five four-bedroom detached homes and two three-bedroom semi-detached houses, with a GDV of approximately £7.7m.
UTB’s funding package will cover site acquisition, construction and associated costs, with the combined loan representing around 65% loan-to-gross-development-value (LTGDV).
The bank is currently funding four Rushmon schemes at various stages.
Edward Weekes, associate director – property development at United Trust Bank, said: “We really enjoy working with experienced housebuilders like Steve and the team at Rushmon Homes.
“They are a valued regular customer, and we are delighted to be supporting two more of their high-quality developments.
“Our strong relationship is based on experience and trust and this combined with Rushmon’s deep understanding of their market enabled us to quickly offer a funding package that met their requirements and allowed them to seize the opportunities and get these exciting projects underway.
“We look forward to supporting many more Rushmon Homes developments in years to come.”
Steve Ratcliffe, director of Rushmon Homes, added: “UTB have become a trusted partner and good friend of Rushmon Homes over the last few years.
“Ed and the UTB Property Development team always provide excellent support and service from the initial proposal to finishing the build and exiting the deal.
“They understand our business and the way we like to work and trust us to deliver outstanding homes and successful schemes.”
