The £10.29m GDV scheme, which is set to offer views over Bridlington’s South Beach, will be completed by Ashcourt (Bridlington) Ltd, part of the family-owned Ashcourt Group.
The project is situated on land formerly belonging to Bridlington Golf Club and will deliver 22 four- and five-bedroom detached homes.
Barry Dillon, regional manager for Yorkshire at Newable Finance, approached UTB’s property development director, Hardeep Thandi, late last year with a proposal to refinance Ashcourt’s existing loan and supply the additional funding to complete construction.
Despite Ashcourt being a new customer, UTB confirmed that it would provide the £6.03m funding package in mid-January this year.
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The 24-month loan was completed at 59% LTGDV.
“I’m very happy to have introduced Ashcourt to UTB, and to have begun what I believe will be a successful partnership lasting well beyond this development,” commented Barry.
“Hardeep and the UTB team were brought into the project when it was already quite advanced, and I was impressed at how quickly Hardeep got out to the site and got to grips with what was needed.
“In a short time, he developed an understanding of Ashcourt’s business, the detail of the scheme and what Ashcourt required to ensure continuity of the construction programme.”
Ashcourt Group worked closely with Bridlington Golf Club to achieve planning consent, which includes providing a new clubhouse, including hotel accommodation and function rooms, which the company completed in October 2019.
Ashcourt began off-plan marketing of the new homes over the Easter weekend, achieving eight reservations.
CGI of the Bridlington seafront development
Hardeep said that UTB is keen to build strong, long-term relationships with housebuilders and developers across the Midlands and the North of England and is delighted to fund this scheme.
“The interest they’ve already had in the development speaks volumes about the quality of the homes and the outstanding views they enjoy,” he stated.
“I look forward to helping Ashcourt Group build more desirable homes in the future and to assist them in achieving their long-term growth plans.”
Construction of the new homes is now underway with a total of nine units reserved so far.
Kurt Bousfield, director at Ashcourt Group, added: “We are looking to grow our residential development business over the next few years with several exciting projects in the pipeline.
“I’m sure there will be several opportunities for Ashcourt and UTB to work together again and build upon this successful start.”