Bruckland Developments has secured a £12.6m loan from Atelier to fund the land acquisition and ground-up construction of a new residential development in Cowfold, West Sussex.
Structured over a 21-month term with an LTV of 70%, the loan will facilitate the construction of 35 new residential units.
The scheme will comprise nine four-bed detached houses, 14 three-bed semi-detached houses, 10 two-bed semi-detached houses and two one-bed flats. The development also includes 12 affordable units.
Raj Hothi, lending director at Atelier, said: “This is a great residential scheme in a well-established location, and we are pleased to be working with a specialist professional developer with a strong track record of developing homes with character. Our focus at Atelier is on understanding each opportunity and structuring funding that gives borrowers the confidence and certainty to move forward. This development will provide 35 high quality homes in Cowfold, including 12 affordable units, creating a lasting positive impact for the local community.”
Joe Bruckland, managing director of Bruckland Developments, added: “We are delighted to be progressing our new scheme in Cowfold, which we believe will make an excellent addition to the village, delivering high quality homes, including affordable housing. As an established local developer, we are proud of our reputation for delivering beautiful homes of an exceptional standard.
“We are very much looking forward to working with Atelier on this scheme. From the outset, the team has demonstrated a strong understanding of our business and our vision for the development. We value the importance of trusted partnerships and look forward to working collaboratively to bring this new collection of homes to life.”
