NG Homes has secured a £19.9m peak debt development facility from Atelier to fund the construction of 57 new homes near Westward Ho!, north Devon.
The loan, structured over a 36-month term, will enable the development of 48 homes for private sale, as well as nine affordable homes.
The development will comprise 11 different house types, including two-bedroom terraced homes, three-storey detached houses and detached bungalows.
Harley Stairmand, lending manager at Atelier, said: “This was a complex transaction that required careful structuring from the outset. We structured the facility on a peak-debt basis, which included a significant day one advance, providing our borrower with a funding solution that reflects the way the development will actually be delivered and sold.”
Peter MacAllan, origination director at DCS Capital Advisory, added: “We were delighted to partner NG Homes with Atelier on this transaction. This was the third phase of a scheme with a complex structure and an equally complex borrowing requirement. Atelier were commercial, responsive and genuinely solutions-led where it mattered. The end result is an excellent outcome for all parties”
