The loan was completed through the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
The bank was approved for accreditation in April.
The developer — which was established to maintain the balance of the rural economy and to ensure that village development is sustainable, while being affordable for local residents — recently completed a major residential scheme comprising 44 homes, including eight affordable units, in Mundesley, Norfolk.
Andrew Dewing, chairman at Dewing Properties, said: “The lack of residential properties in the surrounding area makes Mundesley a very attractive location for first-time buyers; growing families; and those looking to retire.
“We strive to provide high quality in every one of our builds, while incorporating state-of-the-art design techniques and technology, as well as a traditional style.
- People will pay a premium for a sustainable product now, believes MASS Reports co-founder
- 12-storey aparthotel development secures £27m funding from OakNorth
- OakNorth completes loan to buy and develop nursery
“The speed at which the OakNorth Bank team were able to complete the loan made them stand out from other lenders, and we greatly appreciated being given the opportunity to discuss the development directly with the credit committee, who were totally transparent in their feedback.”
Ian Webster, director at Dewing Properties, commented: “Our ambition is to build houses that we are proud of and that aesthetically sits well with their surroundings, which we feel confident we’ve achieved; we hope landowners share our vison and will be keen to work alongside us”.
Martin Williams, debt finance director at OakNorth Bank, added: “Andrew has built a fantastic company, with the Dewing name being highly regarded throughout Norfolk.
“Given the amount of experience and expertise he has gathered over his 38 years in the sector, we were thrilled to be able to support him as part of our CBILS commitments in a tight timescale.
“We look forward to watching the Dewing brand grow over time and hope this is the start of a long-term relationship with them.”