Hilltop Credit Partners has completed two loans totalling £19.6m to support new housing developments in Oxfordshire and Perthshire.
In Oxfordshire, Hilltop has provided a £2.6m whole loan facility to help Pars Development deliver 10 luxury family homes in the commuter town of Shrivenham. The site has a GDV of £3.5m and is due to be completed by the end of June this year.
In Scotland, Hilltop has provided Glenisla Developments with a £17m refinancing loan to enable the completion of a residential-led mixed-use development totalling 200 homes and a 60-bed care home, pre-sold to healthcare group Care Concern. Located in Pitcrocknie Village, Alyth, the multi-phased development (pictured) has a GDV of £22.7m.
Paul Oberschneider, CEO and founder of Hilltop Credit Partners, said: “We take a long-term partnership approach in supporting entrepreneurial SME house builders such as Glenisla Developments and Pars Development with the delivery of homes across the UK, as we navigate the current market and funding challenges faced by many developers.
“With the pressure of higher construction and financing costs, SME house builders require the support of lenders like ourselves offering flexibility, competitive pricing and the certainty of funding. As pockets of the lending market step back, this creates additional demand for our strategic financial credit structures, in particular in the refinancing space.”
Malcolm Officer from Glenisla Developments added: “The support of highly experienced and well-capitalised alternative lenders like Hilltop Credit Partners is critical in enabling us to deliver much-needed residential developments across Scotland. We have identified new sites, including a development in the UK, and look forward to bringing them forward with the support of Hilltop.”
