The facility, completed at 87% LTC and 51% LTGDV on a 15-month term, assisted the developer with the purchase of the site and will also cover 100% of build costs.
The Grasmoor development comprises eight semi-detached and three detached four-bedroom family homes.
Work has now begun on site and is set to be completed next summer.
David Rainford, managing director at PMJ Capital, said: “We have been KMM’s sole funding provider since its inception in 2017.
“This scheme is the fourth project that we have funded, working alongside Kevin [Murphy, owner of KMM Homes] and the team.
- High-street lenders slammed for not having the systems to understand the risk profiles of modular
- PMJ Capital exceeds £50m lending milestone
- PMJ Capital provides funding for Arbor Living retirement village in Cheshire
“As an independent lender, our funding packages provide support for SME developers like KMM homes, enabling them to build the much needed homes that the UK so desperately requires.
“It also assists them to grow their businesses, encouraging them to work on multiple sites and look at larger scale projects.”
Kevin added: “Dave and the team at PMJ have been there since the start and are a key part of our growth strategy; without them, we wouldn’t have had the tremendous success that we have enjoyed over the past four years.
“The Grasmoor only started on site a few weeks ago, but we have already taken a number of reservations.
“Our strategy is build smart, high quality homes — and this has served us well over the past four years.”