The facility has been structured with a 65% LTGDV and 20-month term.

With the first of the two new developments, Rushmon Homes will create 18 two-bedroom apartments in two separate three-storey blocks, on the footprint of a demolished house and chalet. The development has a GDV of approximately £8.8m.

The second will see the creation of five new four-bedroom detached houses plus a pair of three-bedroom semi-detached houses with a GDV of around £7.7m.

UTB’s £10.7m facility will support both residential developments, covering site acquisition costs, construction expenditure, and associated transaction costs.

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“[Rushmon Homes] are a valued regular customer, and we are delighted to be supporting two more of their high-quality developments,” said Edward Weekes, associate director of property development at UTB.

“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.”

Steve Ratcliffe, director at Rushmon Homes, added: “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.”