OakNorth Bank provides £17.8m loan to Marden Homes for a major new residential development in Chelmsford

By Bridging Loan Directory 22nd October 2019

OakNorth Bank – the UK bank powered by OakNorth – has provided a £17.8m loan to Marden Homes, the leading UK property developer.

The finance will be used for a major new waterside residential development, consisting of 128 units, including 28 affordable homes in Little Waltham, five miles north of the popular commuter town of Chelmsford. The homes will vary from one to four-bedrooms, terraced, semi-detached and detached. The site also boasts excellent transport links, with direct trains into Liverpool Street from Chelmsford taking 35 minutes.

Established in 1989, Marden Homes has a strong track record in unlocking value from its sites and has been building bespoke properties throughout London and the South East for over 25 years. Furthermore, all properties in the development will benefit from a 10-year guarantee, following the use of Premier Guarantee.

Rick Tappenden, Managing Director at Marden Homes, commented:

“With its excellent transport routes and prime location within the London commuter belt, the Chelmsford area has become an increasingly popular area for young families and first-time buyers to plant roots. We endeavour to ensure the superior quality of our work runs throughout every one of our builds, meaning our customers can look forward to leading-brand appliances, touches of luxury, and beautifully crafted finishes in each room. The OakNorth team share our appetite for high quality and we greatly appreciated being given the opportunity to discuss the development directly with the Credit Committee – who were totally transparent in their feedback.”

Eamonn O’Rourke, Director of Property Finance at OakNorth, added:

“Rick and his team at Marden Homes have a wealth of experience in the property sector and have an excellent track record in providing top quality homes throughout London and the South East. We look forward to watching the site take shape over time and hope this is the start of a long term relationship between OakNorth and Marden Homes.”