Member Article

Refinancing package secures completion of Wentworth development

A property firm in Sheffield has completed its first development on the site of an old equestrian centre near Wentworth, with the support of an £800,000 loan from Lloyds TSB Commercial Banking.

Rockingham Homes was established by the company’s director and chartered surveyor Craig Hibbert, and currently employs four members of staff in addition to local subcontractors.

Work on eight residential properties off Haugh Road in Upper Haugh began in 2007, with six now sold or under offer.

Craig approached Lloyds TSB Commercial Banking’s property team to secure the Government-backed Funding for Lending Scheme (FLS) loan to refinance the development after the previous lender began to divest from the property sector.

Through FLS, customers across all SME sectors benefit from a one per cent discount on interest payments on all loans.

The five and six-bedroom homes on the Upper Haugh site range from 1,800 sq ft to 2,800 sq ft, with customers able to fully customise the interiors before moving in.

Craig said: “The refinancing of the project has breathed new life into the Upper Haugh development, as well as saving us a considerable amount of interest through the Funding for Lending Scheme discount.

“There is strong demand for new homes of all sizes across Yorkshire and we have already agreed the sales of most of these properties, making our first venture a great success.”

This was posted in Bdaily's Members' News section by Mark Lane .