United Trust Bank (UTB) is to fund the first phase of a new development in Chestfield, Kent by regional house builders, Kitewood.
The specialist bank is providing a £22m loan facility on a peak debt funding arrangement for the first phase of the scheme comprising 98 new, two to five bedroom homes with a combined GDV of circa £42m. Subsequent phases will see Kitewood creating a total of 300 new homes on the 16.7 hectare site close to Whitstable.
Kitewood is an existing UTB customer and has several other developments in progress in addition to this scheme in Kent.
UTB originally provided funding for the acquisition of the site in 2020 with a view to providing the construction costs once detailed planning permission was obtained.
Paul Flannery (pictured), director, property development at United Trust Bank, said: “Kitewood have an excellent reputation for delivering great quality homes and I’m delighted that UTB are supporting this scheme in Chestfield which will eventually deliver 300 much needed new homes in the South East.
“We’re committed to helping house builders acquire and complete development opportunities by building strong, long term relationships which can endure the ups and downs of the economic cycle.
“This Kitewood development is a great example of how specialist development lenders like UTB can work with experienced developers to structure innovative funding solutions which meet the needs of the customer and the Bank.”
