Atelier agrees £12.1m loan to finance construction of 47 new homes in the Peak District
The development lender Atelier is to provide a £12.1m loan facility to the Chesterfield-based developer Stancliffe Homes to enable it to build 47 new homes on the southern edge of the Peak District.
The finance will be provided alongside an investment from Housing Growth Partnership, an equity investor that’s part of Lloyds Banking Group and has supported the construction of more than 7,500 new homes across the UK since 2016.
It has injected £17.7m of funding into some the Midlands’ most successful housebuilders this year alone.
Stancliffe Homes is a family-run business with a successful track record of building highly desirable homes across Derbyshire and Nottinghamshire. Its new development, Bentley Walk, is in the popular village of Tansley near Matlock.
Bentley Walk will include a full range of home types, including bungalows, semis and detached houses with up to five bedrooms as well as six affordable homes.
In this, its first collaboration with Housing Growth Partnership, Atelier has structured the finance for the scheme in an innovative and highly efficient way to give Stancliffe maximum flexibility and help it to best meet the project’s specific requirements.
The 27-month, 66% LTV ‘peak debt’ facility will enable the developer to complete and sell some of the 47 homes while others are still under construction, boosting its cashflow while also reducing both debt and interest.
George Seabrook, Lending Manager at Atelier, commented:
“The combination of Stancliffe Homes and Housing Growth Partnership is a powerful one. Both have an impressive record of delivering attractive, highly saleable homes in this stunning part of the UK.
That’s why we worked with them to provide a bespoke funding solution that will support the phased construction, completion and sale of the homes in Bentley Walk.
Our peak debt facility will enable Stancliffe to run sales of completed units alongside the construction of later phases, providing optimum funding efficiency and keeping down finance costs.”
Sam Jones, Director of Stancliffe Homes, commented:
“We’re delighted that the team at Atelier has chosen to support our latest scheme of high-quality new homes on the edge of the Peak District.
Their unique approach to development finance for housebuilders has been a breath of fresh air.
Having met many of the team throughout the deal process, we are convinced they will be a steadfast and highly supportive partner for us moving forward.”
Mike Murphy, HGP Investment Director of the Midlands and Wales Region, added:
“We’re proud to be continuing our partnership with Stancliffe Homes to help deliver their latest scheme in Tansley, which marks HGP’s second investment alongside the highly regarded housebuilder.
We’re excited to be working with Atelier on our first transaction together, and hope this will be the first of many opportunities for HGP and Atelier to work together in the Midlands and Wales.”