Residential development facility sourced for Eaton Homes

By Bridging Loan Directory 12th July 2021

Peritus has announced the completion of a new development facility with Hampshire Trust Bank for its valued client, Eaton Homes.

Based in the heart of Cheshire, Eaton Homes is the vision of craftsman David Thompson, with the aim of creating bespoke housing developments in and around the villages of central and south Cheshire.

Each development of high-quality homes has a mix of housing styles and budget, providing housing opportunities for both local families and those new to the area.

“We build for the long term, for future generations” David commented, “attention to detail and the quality of the construction are critical.

I’m passionate about creating a home you will be proud of – as proud as I and my team are when we complete each new project”.

Eaton Homes approached Peritus to finance phase one of the development which will include the infrastructure of the whole site (85 units) and the development of the first 31 residential homes at The Old Market in Beeston, a short distance from Tarporley.

The gross development value of phase one is £17.5m. Peritus secured a new development facility with Hampshire Trust Bank with a 24 month term at highly competitive pricing.

The facility has been instigated and completed during the COVID-19 pandemic for the lender and involved Peritus finding new ways to work to introduce Eaton Homes to the lender and to progress the transaction through to this highly successful conclusion.

Lee Mainwaring, Director, Eaton Homes said:

“We have built an excellent working relationship with Peritus and Hampshire Trust Bank and during this transaction, they went above and beyond the call of duty in challenging market conditions to secure a facility for our Beeston scheme which contains a collection of fantastic 1, 2, 3, 4 and 5 bedroom homes in a variety of styles that promote open plan, modern living in the heart of the Cheshire countryside.

Whether you are a first time buyer, looking for something bigger or downsizing, we have a home designed for you.”

Gordon Clements, Peritus added:

“With lenders and borrowers now meeting online and with systems and processes complicated by working from home, we are delighted to have sourced and completed this new facility for Eaton Homes.

This will allow Eaton Homes to complete phase one of the scheme and I would like to place on record my thanks to Evan Griffin and the team at Hampshire Trust Bank plus all the professional advisors for their pragmatism and help during the past few months.

Peritus continues to be active in the market and our team of highly experienced property professionals are all working hard to ensure our clients receive a smooth and seamless transaction, no matter what the market conditions are.”

Evan Griffin, Lending Director at Hampshire Trust Bank said:

“I’m grateful to Peritus and the team at Eaton Homes for trusting us to deliver for them.

It has been a real pleasure working with Gordon, Lee and David, which ultimately enables the delivery of the first 31 of 85 much needed family