Member Article

Go-ahead for bespoke new housing developments following £2.6m funding deal

The construction of 32 new homes as part of four new developments in North and North East Lincolnshire by innovative housing developer Charworth Homes will go ahead after a major finance deal was agreed.

The £2.6m funding provided by specialist SME lender One Stop Business Finance provides the green light for a new development in Barton-upon-Humber, one in nearby Barrow-upon-Humber and a new site at Great Coates near Grimsby. In addition, it will support the continued development of a current Charworth Homes development, also in Barton.

All the developments provide much-needed new homes in popular residential areas, creating a portfolio that represents a gross development value of around £7m. The properties are due for completion by the end of 2022.

As with every project by Scunthorpe-based Charworth Homes, the new properties at all these latest developments will offer buyers the opportunity to purchase a bespoke, high specification and architecturally distinct home at a competitive price in sought-after locations.

James Pearson, Director of Charworth Homes said: “It’s fantastic to now be at the stage where we can start on site at our latest developments in Great Coates and Barton and deliver original, distinctive homes to help meet really strong local demand. This funding deal through One Stop Business Finance marks an important milestone in our development programme and that’s why it is so welcome.

“Having had bad experiences with lenders in the past we are very particular about who we deal with. Quality of service, trust and ultimately a good working relationship between us and our lenders is our highest priority when sourcing funding.

“So having worked with One Stop on two previous successful projects, it made perfect sense to work together again and strengthen the relationship further. Not only do we have great trust in the One Stop team, but their flexible lending is invaluable to a business such as ours.”

Andrew Mackenzie, MD of One Stop Business Finance added: “Having seen Charworth Homes’ previous developments first hand, the new sites at Barton, Barrow and Great Coates look set to be tremendously popular with buyers. In a market dominated by a small number of major national housebuilders offering limited variety, James and his team are doing a great job of building their own unique brand and reputation which we are delighted to be able to support.

“This is the largest transaction that OSBF has funded in our history and flexible funding is so important to developers like Charworth Homes when all too often the mainstream lenders are unable to facilitate developer needs for all sorts of reasons. This is where we can often assist to help bring much-needed housing schemes to fruition and ensuring we can overcome a hurdle to housing supply right across the UK.”

The One Stop Business Finance funding for Charworth Homes was facilitated by Paul Plaxton and his team at Gosschalks Solicitors who undertook the legal work on the deal.

East Yorkshire based One Stop Business Finance has extensive experience of financing building development projects, providing secured loans from its own funding. The company differs from mainstream banks by working to find tailored solutions for an SME’s particular circumstances, taking clients through a process to identify the most suitable and cost effective options and ensuring that responsible lending is at the heart of what they do.

This was posted in Bdaily's Members' News section by Alan Markham .