United Trust Bank (UTB) is providing £10.7m in acquisition and development finance to support two new residential projects in Surrey by Rushmon Homes, with a combined gross development value of £16.5m.
Rushmon Homes, a regional housebuilder marking its 50th year in 2025, has a long-standing reputation for delivering high-quality homes across the county, often on brownfield or recycled sites.
The firm recently sold all apartments at Hurley House in Cobham, a previous UTB-funded scheme comprising five luxury Georgian-style apartments priced between £1.47m and £1.75m.
The first of the two new schemes will see the construction of 18 two-bedroom apartments across two three-storey blocks on the site of a demolished house and chalet, with an estimated GDV of £8.8m.
The second project will deliver five detached four-bedroom homes and two semi-detached three-bedroom houses, valued at around £7.7m.
UTB’s facility, representing around 65% of the total LTGDV, covers site acquisition, construction, and associated transaction costs. The relationship between the lender and the developer continues to strengthen, with UTB now funding four Rushmon Homes developments at different stages of completion.
Edward Weekes, associate director of property development at United Trust Bank, said: “We really enjoy working with experienced housebuilders like Steve and the team at Rushmon Homes. They are a valued regular customer, and we are delighted to be supporting two more of their high-quality developments.
“Our strong relationship is based on experience and trust and this combined with Rushmon’s deep understanding of their market enabled us to quickly offer a funding package that met their requirements and allowed them to seize the opportunities and get these exciting projects underway.
“We look forward to supporting many more Rushmon Homes developments in years to come.”
Steve Ratcliffe, director of Rushmon Homes, added: “UTB have become a trusted partner and good friend of Rushmon Homes over the last few years. Ed and the UTB Property Development team always provide excellent support and service from the initial proposal to finishing the build and exiting the deal.
“They understand our business and the way we like to work and trust us to deliver outstanding homes and successful schemes.”
