Saxon Trust completes £2.52 million development loan

By Bridging Loan Directory 24th April 2024

Specialist finance provider, Saxon Trust, has recently completed a £2.52 million ground up development loan secured on a 0.90-acre site in Harwich, Essex.

Having part-funded the acquisition of the site, Saxon will be fully funding the construction and build costs of 13 Townhouses.

Located within a conservation area but with close proximity to shops, amenities and a mainline railway station offering commuter access to Chelmsford, Colchester and London, all of the properties will benefit from allocated parking spaces and rear gardens.

The houses will provide well-planned, contemporary family living and landscape areas within the site will further support the local biodiversity of the area and enhance the natural surroundings.

Saxon Trust work closely with all their developer partners and this case was no exception with several hurdles that needed to be cleared before the loan could complete.

Most notably amongst these was Japanese knotweed remediation, the requirement for a BAPA (Basic Asset Protection Agreement) with Network Rail and the capture, translocation and habitat mitigation for slow worms found on the site.

Having worked on several projects with the developer previously and overcome the difficulties detailed above, Saxon Trust now look forward to working closely in partnership over the coming 24 months to provide much needed local housing in this up-and-coming area.

Brian West, Head of Sales & Marketing at Saxon Trust commented:

“Following a run of recent conversion and development exit loans we are delighted to get back to our ground-up roots by funding the construction of attractive new homes in a such a great location.”

Andrew Gardiner, Director at Saxon Trust added:

“With a 24-month term on this loan we have completed it through a new bank funding line on a base rate tracking product.

Whilst there are no guarantees if, as seems likely, we are at or near the peak of the current interest rate cycle our client will hopefully benefit from rate reductions as the build progresses.”