The funds — agreed at close to 75% LTGDV — will be used to refinance the client’s existing loans and develop 86 houses and 18 flats on a greenfield site two miles outside of Grimsby.
The project has a waiting list of buyers created from the completion of the nearby pre-sold 160-unit scheme, named Clee Meadows, by the same developer.
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Paul Oberschneider, founder and CEO of Hilltop (pictured above), said: “This is a large development in a region with decent affordability.
“The development team has impressive experience in and around the location, including high-volume sales.
“New Waltham should perform well and follow the success of YPG’s nearby Clee Meadows scheme.”
Ming Yeung, CEO at YPG, added: “We have been working towards this project with Hilltop for some time.
“They have demonstrated a thorough, methodical and patient understanding of the complexities encountered during the planning period, so it’s pleasing to be able to progress with them.”
To date, Hilltop has provided approximately £90m in lending commitments to SME developers to fund the construction of 382 residential units across England.