Aldermore provides £6.8m loan for Lancashire housing development

By Bridging Loan Directory 7th July 2022

Aldermore has provided a £6.8m property development loan to Russell Armer Homes for its Bowland Fold housing development in Halton, Lancashire just a few miles north east of Lancaster.

The development is a joint venture between Russell Armer Homes and the Housing Growth Partnership (HGP) where Russell Armer is one of HGP’s first partners to be supported under the new Regional Growth Initiative.

Phase one of the development will be comprised of 45 homes, with 13 of these being affordable housing and will include a mix of house types.

In total the development will deliver 65 new homes on this appealing edge of village location, benefiting from attractive views across the Forest of Bowland and Morecambe Bay.

Russell Armer Homes was established in 1961 and was acquired in April 2021 by rapidly expanding house builder Genesis Homes, which was founded in 2017 by Nicky Gordon.

Nicky has many years of experience in the housebuilding sector and ambitions to grow and become one of the region’s leading housebuilders.

In 2019, Genesis Homes was recognised for awards in the region including ‘Best New Business’ at the In Cumbria awards.

They were also nominated in the ‘Best Newcomer’ category at the 2021 RESI Awards.

David Whitehouse, property development manager at Aldermore said:

“It’s been a pleasure again to be working with both the team at Russell Armer and at Housing Growth Partnership to deliver a funding package to enable this well-located development to progress.”

Iain Bryson, head of development and specialist property at Aldermore, said:

“We’re delighted to have provided this further support to Russell Armer Homes for the Bowland Fold housing development, as the company continues to deliver much needed quality homes in the region.”

Nicky Gordon, managing director of Russell Armer Homes, said:

“It is with great thanks to Aldermore and the Housing Growth Partnership for their ongoing support and assistance to enable us to deliver such high-quality housing developments, and we look forward to delivering this project for the benefit of the people of Lancashire.”