The development finance loan will fund the construction of the first phase of the scheme which will comprise two- to five-bedroom houses suitable for both professionals and families in the area.
The total loan provision for this site is £19.3m based on an LTGDV of 68%.
From instruction to completion, the specialist lender took 60 days to facilitate the loan.
Construction has already started on the first phase, with the full project due for completion in summer 2020.
- Meet the LendInvest development finance team
- LendInvest raises £150m in residential development finance
- Lloyds Bank provides £27m development loan for Birmingham skyscraper
This is the third deal that LendInvest has completed with this borrower, who has over 30 years of experience in the residential housing space and currently builds between 250 and 300 homes a year.
Rebecca Murphy, relationship manager at LendInvest (pictured above), said that this was a great example of the team working to a tight timeframe to get the optimum result for a key client.
“The borrower has extensive development experience in this location, and we are pleased to have been able to assist them in contributing to the housing stock in this area through this fantastic scheme.”
In September, LendInvest raised £150m in residential development finance.