Sancus Lending Group has completed a £10.95m loan to support Bowsfield, an All Saints Developments’ scheme for high quality residential houses in Great Ellingham, Norfolk.
The 67% LTGDV (loan to gross development value) loan over a 24-month term is Phase 2 of the overall development, enabling the development of 22, mainly detached three, four and five-bedroom residential houses along with the infrastructure necessary for future stages of the development.
The overall scheme will include a shop and a village hall with communal and allotment space. This loan ensures the road complex and utilities infrastructure is built now to support these later stages, helping to reduce the client’s total project costs.
Sancus has already provided a facility of £9.2m in respect of the 1st phase of the development for 21 houses which is expected to reach completion by Q1 2023 and has already seen strong buyer demand for the high-specification houses. The new loan provides support for the next phase of the 153-unit scheme, with the intention of further successive facilities as each stage completes and sells.
Richard Whitehouse, UK managing director of Sancus Lending Group, said: “We are delighted to be supporting and delivering further loan facilities for All Saints Developments. We worked closely with the team at All Saints to understand the delivery plan across the whole site. That has allowed us to structure a multi-phase loan allowing our client to bring forward infrastructure works, ensuring efficiency related cost savings, while managing the pace of development and delivery of units.
“As a result, our client has been able to optimise their equity investment and profitability across the site. We have really enjoyed developing our relationship with All Saints, who have demonstrated themselves to be a very professional and accomplished developer.
“At a time when many lenders have reduced appetite, Sancus is keen to lend. We benefit from a wide and varied capital base which allows us to bring certainty to the development finance market and continue to support projects with high LTGDVs.”
Jamie Collins, director of All Saints Developments Limited, added: “Sancus had faith in our vision for this development of high quality, high value housing, and have worked closely with us, allowing us to progress seamlessly through to the next phase of the development, including additional key infrastructure across the site. We have appreciated the positive and pro-active approach from Sancus, enabling us to continue apace on delivery of much needed new family residential housing in an attractive and sought-after location.”
Whitehouse concluded: “We have been really impressed with the All Saints team and their skilled approach to the completion of the first phase of the scheme in Norfolk. We are pleased to be able to provide further support to an excellent client. As an alternative provider of development funding, we know what an important part we play in supplying new homes, particularly in the current economy and are delighted to support developers such as All Saints through the process.
“We look forward to a long lasting, mutually beneficial relationship with them on future residential developments throughout the UK.”
