OakNorth provides £4.1m loan to Verto for 10 new zero carbon smart homes in Newquay

By Bridging Loan Directory 14th November 2024

OakNorth the digital bank for entrepreneurs, by entrepreneurs, has completed a £4.1m loan to returning customer and the UK’s leading sustainable housebuilder, Verto, to support the development of 10 new apartments overlooking the popular Fistral beach in Newquay, Cornwall.

Launched in 2010 by Tom Carr and Richard Pearce, Verto focuses on designing, building, and selling smart homes that produce zero carbon emissions.

Creator of the internationally acclaimed Zero Carbon Smart Home® and with over 130 homes built to date across the South West of England, all Verto homes effortlessly blend contemporary aesthetics and modern house design, with cutting-edge smart technology.

In July 2023, the housebuilder partnered with leading renewable energy group, Octopus Energy, to launch its ‘Zero Bills’ initiative, designed to roll out the world’s first solar, battery, and heat pump equipped homes that promise no energy bills for at least five years.

The transaction follows OakNorth’s initial £8.6m loan to Verto in November 2021, used to support the development of 30 Zero Carbon Smart Homes® in Falmouth and a further 18 Zero Carbon Smart Homes®, including eight affordable units, in Mylor.

Tom Carr, Co-Founder of Verto, commented on the transaction:

“Richard and I founded Verto just under 15 years ago out of passion for great design, technology, wellbeing, and above all sustainability.

Fast forward to now, we are the UK’s leading sustainable housebuilder, that constantly seeks innovative new materials and technologies which offer the highest levels of energy efficiency.

Returning to OakNorth to help fund this project was an easy decision to make, given our strong relationship with them, the level of knowledge and expertise they have of the UK’s residential market, as well as the core values and beliefs that we share around the vital importance of sustainability in everything we do.”

Hemesh Patel, Property Finance Director at OakNorth, added:

“As a digital bank that prides itself on supporting sustainable, innovative, and founder-led businesses, Verto is exactly the type of company we look to lend to and we’re incredibly proud to be backing them again.

With energy efficiency becoming the primary reason why more budding homebuyers are looking to purchase new-build units, we fully expect this latest project in Newquay to be highly sought-after.

Tom and Richard continue to lead the industry with their dedication and passion and have built a business with a unique and attractive proposition.

We look forward to watching the development take shape, as well as supporting them on future projects across the region.”