The borrower required the facility to acquire the land before expiration of the vendor’s deadline, as well as to clear and develop the site.
The scheme will consist of a mixture of two- and three-bedroom houses, seven of which will be affordable homes.
These seven units include rented houses, shared ownership and starter homes, with the majority set to be at affordable rents in line with local housing rates.
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Max Abbott, investment analyst at Blackfinch Property (pictured above), said: “We are delighted to be working with an established local developer in order to provide quality housing for all.
“In particular, the allocation of affordable units will help to meet the demand for affordable housing, and aligns strongly with Blackfinch’s environmental, social and governance focus.”