Aldermore supports Newcastle residential project with £3m loan

Aldermore has agreed to provide a £3m property development facility to developer McIver Homes for a new residential project in Newcastle upon Tyne.

The scheme will have a GDV of £5.1m and comprises 16 three-bed, semi-detached houses and 21 two-bed apartments.

The properties will be built using block and brickwork with tiled roofs.

Gurgit Basi, property development manager at Aldermore, said: “Across the UK there is a shortage of housing, especially affordable housing to both rent and buy, and McIver Homes is seeking to address part of that shortage.

“The team has a depth of experience in the sector, they employ local people, invest in local communities and deliver a great product.

“With even more ambitious projects in the pipeline, we look forward to developing our relationship with James [McIver] and the team, and giving them the security to deliver on those ambitions.”

McIver Homes plans to have completed 500 homes by 2025 and aims to build 30–50 high-quality affordable homes a year.

James McIver, founder of McIver Homes, added: “From the start of our application we were guided and supported fully by the Aldermore team.

“[It] had extensive knowledge in this field, and we found that along with [its] overall positive approach [it was] invaluable in helping us through each step of the finance route and to achieving our end goals.”

This comes as Aldermore recently surpassed £1bn in development lending.

The specialist bank also revealed that it is looking to increase its exposure to larger commercial development loans.

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