United Trust Bank (UTB) has provided £10.7m in acquisition and development finance to housebuilder Rushmon Homes to support two developments in Surrey.
The developments, which have a combined GDV of £16.5m, will provide 18 two-bedroom apartments in two separate three-storey blocks on the footprint of a demolished house and chalet in addition to five new four-bedroom detached houses and a pair of three-bedroom semi-detached houses.
UTB’s facility will support both developments, covering site acquisition costs, construction expenditure and associated transaction costs, with the loan representing around 65% LTGDV.
Edward Weekes, associate director – property development, at United Trust Bank, said: “We really enjoy working with experienced housebuilders like Steve and the team at Rushmon Homes. They are a valued regular customer, and we are delighted to be supporting two more of their high quality developments. Our strong relationship is based on experience and trust and this combined with Rushmon’s deep understanding of their market enabled us to quickly offer a funding package that met their requirements and allowed them to seize the opportunities and get these exciting projects underway. We look forward to supporting many more Rushmon Homes developments in years to come.”
Steve Ratcliffe, director at Rushmon Homes, added: “UTB have become a trusted partner and good friend of Rushmon Homes over the last few years. Ed and the UTB Property Development team always provide excellent support and service from the initial proposal to finishing the build and exiting the deal. They understand our business and the way we like to work and trust us to deliver outstanding homes and successful schemes.”
