Hayfield secures extended facility from OakNorth Bank to drive growth
Hayfield has become one of the biggest names to continue a long relationship with OakNorth Bank, as the five-star housebuilder’s funding package is extended to £67m.
The company is gearing up to deliver 500 homes annually, supported by a five-year landbank.
Hayfield is on track to increase its turnover to £150m during 2022, by delivering close to 400 high specification homes.
The Solihull-headquartered business is preparing to start on site at its 13th and 14th developments and has more than 400 homes in its immediate production.
It has a further 400 homes with planning status, and over 1,000 additional plots that are advancing through the planning system.
The debt finance facility with OakNorth Bank was previously capped at £50m. The additional £17m is required to expand Hayfield’s site acquisition programme, where prime sites in middle England – many of which are within an hour’s commute of London – are the target.
Mark Booth, Co-founder of Hayfield said:
“In the five years that Hayfield has been trading, we have never stood still. Everyone who works here – led by Managing Director Andy Morris – has a passion for what they do and we are constantly looking for ways to improve.
OakNorth is a long standing, trusted partner, and by extending our relationship and our facilities with them, we can secure more prime sites sooner.
In addition, we are continuing to sell our homes off-plan – many months ahead of completion – which is a key driver in the pace of our growth.
We are really grateful that the industry at large knows who we are, which is helped by consecutive years of national award wins.
While advances in technology and leaps towards zero carbon are crucial, at every stage of the process property will always be a people business.
Right now, we are as excited about the future as we’ve ever been, and we are rapidly realising our aspiration of becoming an established institutional quality medium-sized housebuilder of note.”
The company’s live development portfolio comprises Hayfield Green in West Oxfordshire; Hayfield Place and Hayfield Gate, which are both within Central Bedfordshire; Hayfield Avenue in Cambridgeshire; Hayfield Wood in Wiltshire; and Hayfield Oaks and Hayfield Walk, which are both in Buckinghamshire.
Work will shortly start on site at two more schemes within Bedfordshire.
Ben Barbanel, Head of Debt Finance at OakNorth Bank said:
“Hayfield is a highly impressive business, with all staff members sharing a common goal to deliver superior homes to a discerning market.
The company is rapidly creating a quality housebuilder platform and we are immensely proud of what they are achieving.
Supporting SME housebuilders across the UK is vitally important and we are delighted to continue to support Hayfield as a partner of choice in a busy marketplace.”
Hayfield is proactively installing Air Source Heat Pumps, underfloor heating, the smartest electric vehicle fast-charging points available, and ultra-fast broadband into all new and upcoming developments in line with their strong ESG foundations.
These features – alongside its current build specification – ensures all new Hayfield homes will exceed the 2022 Future Homes Standard by 100%.