OakNorth lends £13.6m to Martin Homes for Hove scheme

By Bridging Loan Directory 3rd March 2022

OakNorth Bank – the UK bank for entrepreneurs, by entrepreneurs – has provided a £13.6M loan to Martin Homes for its new major mixed-use scheme on Davigdor Road in Hove.

The seven-storey development will consist of 52 studio, one, two and three-bedroom apartments, with the majority including balconies and benefiting from panoramic views of the coast line and city centre.

The scheme will also include over 9,600 sq. ft. of office space and 25 private parking spaces on offer to residents and office workers. Situated within walking distance of Hove’s popular and bustling city-centre and seafront, the site is only a five-minute drive from both Brighton and Hove stations, offering regular trains into central London.

Founded in 2008, Martin Homes specialises in new build and conversion developments within the prime locations of London, Sussex, Surrey, and Kent.

The company is led by Managing Director, David Martin, who has spent the last 30 years managing all styles of development and is currently investing in numerous development projects across the UK.

David Martin, Managing Director of Martin Homes, said:

“Whilst the nature and architectural styles of our projects have been varied and diverse throughout the years, our ethos of ‘with you every step of the way’, remains at the forefront of how we work, and this is exactly the approach we took with our site along Davigdor Road.

With many employers set to continue offering flexible working conditions, despite all remaining Covid restrictions being lifted in England, we expect demand to be high from commuting professionals and young families who want more space.

We’ve worked with OakNorth Bank on several occasions now, and keep going back to them because time and again, they prove to be a valuable funding partner who understand the market, and have an in-depth understanding of our business.

Anirudh Kare, Associate of Debt Finance at OakNorth Bank, commented:

“Having successfully completed numerous developments in London and across the Sussex, Surrey, and Kent counties, Martin Homes has built up a strong reputation as one of the UK’s leading SME housebuilders.

With over three decades of experience, David Martin has led the company superbly and we are delighted to have once again been chosen as the company’s funding partner.

Both Brighton and Hove are facing an under-supply of quality new builds – this shortage, coupled with a recent drive from the local council to regenerate the area with new build developments, will likely mean the Davigdor Road site will be another success story for Martin Homes.”