Peritus

Peritus sources £23.6m development loan for Storey Homes' 109-home scheme



Peritus Corporate Finance has secured a £23.6 revolving development facility from an undisclosed lender for Storey Homes’ new residential scheme in Bedfordshire.

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The loan, agreed on a 32-month term, was required for the purchase of the site and the subsequent construction of 109 homes.

The Bidwell Mews project — which is expected to have a GDV of approximately £40m — will include 33 social housing properties and is part of a major homebuilding effort in the local area.

The scheme will offer a mix of two-, three-, four- and five-bedroom homes, set within landscaped open space and close to local amenities.

The deal was transacted over six weeks, with constant communication between Peritus, the client, the lender and other professionals.

Katy Jordon, managing director at Storey Homes, said: “We have built an excellent working relationship with Peritus and, during this transaction, they went above and beyond the call of duty in challenging market conditions to secure a facility for our Bidwell Mews scheme."

Darren Baker, CEO at Peritus, commented: “The ongoing commitment of our team working closely with lenders across the market has ensured that our service has not missed a beat throughout the pandemic. 

“Peritus and its joint venture Gerald Eve Corporate Finance continue to be active in both the residential and commercial development markets and our team of highly experienced property professionals are all working hard to ensure our clients receive a smooth and seamless transaction, no matter what the market conditions are.”



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