OakNorth Bank completes £2.1M loan for new residential scheme in Nottinghamshire

By Bridging Loan Directory 5th July 2021

OakNorth Bank – the UK bank for entrepreneurs, by entrepreneurs – has provided a £2.1M loan to East-Midlands-based and family run housebuilder, Rose & Co Developments.

Founded in 2014, Rose & Co Developments specialises in developing high quality homes, ideal for families and couples, across popular rural areas of South Yorkshire and Nottinghamshire.

The well renowned local housebuilder has completed luxury schemes since launch and boasts an in-house team of construction professionals, as well as the ability to manage significant portions of their developments in-house.

The capital from OakNorth Bank will be used to develop 10 new homes, including one five-bedroom and three four-bedroom detached units, two three-bedroom semi-detached homes, as well as three three-bedroom and one four-bedroom bungalows, within a larger 20 unit residential scheme.

The site, situated in the picturesque village and civil parish of Ranskill, Nottinghamshire, will be completed to a high standard, with each unit including underfloor heating, branded appliances, parking and a large garden.

Dean Dixon, Director of Rose & Co Developments, commented:

“Since our launch seven years ago, our ambition has been to build beautiful new homes for families across the East-Midlands.

Our new site at Ramskill is perfectly located and offers the best of both worlds, including access to local amenities and village life in a semi-rural location, as well as being within commuting distance of larger towns and cities, such as Sheffield and Doncaster.

It was a refreshing experience working closely with Gareth and the team at OakNorth Bank, who showed a real willingness to support local housebuilders in the area.

Their strong knowledge of the East-Midlands’ residential property market and transparent approach allowed us time to concentrate on driving the business forward.”

Gareth Bennett, Associate Director of Debt Finance at OakNorth Bank, added:

“With the majority of lenders continuing to retrench from the lending market, it’s vital we do everything we can to support projects undertaken by SME housebuilders, such as Rose & Co Developments, to help fill the funding gap and tackle the need for hundreds of thousands of new homes across the UK.

Under Darrel’s leadership, Rose & Co Developments has built an excellent reputation, having previously completed a number of luxury schemes in areas.

With two units having already been pre-sold, we anticipate demand for their new Ramskill site to also be high, and we look forward to watching the development take shape moving forward.”