Futura Homes has secured a £15.6m loan from development finance lender Atelier to support the acquisition and ground-up construction of 24 homes in Cheshunt, Hertfordshire.
The 28-month facility, which is structured at 68% LTV, will fund the delivery of the new two- to five-bedroom homes.
Raj Hothi, lending director at Atelier, said: “We are pleased to be working with such an experienced developer with a proven track record of delivering high quality schemes. We structured the facility on a peak debt basis and provided a strong day one advance to support the site acquisition, ensuring the funding reflected both the strength of the opportunity and the borrower’s experience.”
