Marden Homes secures £17m development loan from Shawbrook for sustainable Essex scheme



Shawbrook Bank has completed a £17m loan for a £28m GDV luxury lakeside scheme in Chelmsford, Essex.

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Marden Homes Limited approached the bank midway through the construction of The Lakes residential development in order to take the project to its final stages.

The £17m facility, agreed at 65% LTV, will be used to refinance the borrower’s existing loan and finish the scheme.

Pride Consulting was selected as the independent monitoring surveyor, while Thomson Snell & Passmore LLP and Strutt & Parker were the chosen solicitors and valuers, respectively.

Construction for The Lakes development is split into two phases, with the first seven houses now on track to complete by December, while the remaining 20 apartments are set to be built 12 months later.

The homes feature double bedroom en-suites, open plan living spaces, and balconies that open out onto a private lake, as well as roof-mounted solar panels and electric vehicle charging points.

The development has been well received, with sales secured for the houses and three of the 20 apartments already.

Richard Tappenden, director at Marden Homes, said: “Priorities have shifted across the housing market in the past year, with more buyers looking outside of London for the highest standard of housing, and for destinations that better connect them with the outdoors. 

“This trend, coupled with an active housing market, is underpinning demand at The Lakes. 

“The team at Shawbrook Bank showed an excellent understanding of the current market, how housebuilders operate, and of the specialist finance required behind a project like this. 

“Its quick decision making and appetite to fund the scheme part-way through has been crucial.”

The Lakes is the latest project forming part of Marden Homes’ ‘Homes at Channels’ schemes, which includes Wimbush Waters — a residential project consisting of 89 luxury homes and 11 apartments.

Stewart Budge, relationship director for development finance at Shawbrook Bank, commented: “Marden Homes has earned itself a reputation for developing quality homes in the region.

“Together with the scheme’s sustainability attributes that made this an attractive project to back, where traditional lenders wouldn’t typically support a part-complete scheme.”

After surpassing £1bn in total lending to property developers in June, Shawbrook Bank aims to support more developers to deliver sustainable properties.



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