Hilltop Credit Partners completes £2.5m loan for residential development in Hexham, Northumberland
Funds advised by Hilltop Credit Partners Limited (“Hilltop” or the “Company”), a specialist funding partner for SME residential developers, has completed a £2.6m loan to a company controlled by the Morton Group, a leading family-owned residential development and construction company based in the Northeast of England. The finance will be used for the acquisition and conversion of a Grade II-listed former office building in the town centre, within walking distance of the train station, which is 30 minutes from Newcastle. All of the site’s 16 units will qualify for the government’s Help to Buy scheme.
Gary and Brian Morton, Directors of the Morton Group, have more than 50 years of combined experience in UK property markets, including the recent successful delivery of Regents Plaza, a 70-unit residential development in the Newcastle suburb of Gosforth.
Commenting on the deal, Gary Morton, CEO of Morton Group, said:
“We are excited to be partnering with Hilltop on this development, and we believe there will be strong demand from both ‘downsizers’ and young families for the units we are building. The Morton Group is focused on delivering high-quality residential developments in the North East of England.”
Paul Oberschneider, CEO of Hilltop Credit Partners, commented:
“We are pleased that Morton Group has chosen to work with Hilltop on this exciting development. Morton Group has unparalleled knowledge and experience in the North East market, and it has been a pleasure to work with this talented management team.”