Housebuilder secures £2.1m loan for resi scheme

OakNorth Bank has provided a £2.1m loan to East-Midlands-based housebuilder Rose & Co Developments for a residential scheme in a Nottinghamshire village.

The capital will be used to develop 10 homes, including one five-bedroom and three four-bedroom detached units, two three-bedroom semi-detached homes, as well as three three-bedroom and one four-bedroom bungalows, within a larger 20 unit residential scheme.

The site is situated in the village and civil parish of Ranskill.

Dean Dixon, director of Rose & Co Developments, said: “Since our launch seven years ago, our ambition has been to build beautiful new homes for families across the East Midlands. Our new site at Ranskill is perfectly located and offers the best of both worlds, including access to local amenities and village life in a semi-rural location, as well as being within commuting distance of larger towns and cities, such as Sheffield and Doncaster.

“It was a refreshing experience working closely with Gareth and the team at OakNorth Bank, who showed a real willingness to support local housebuilders in the area. Their strong knowledge of the East Midlands’ residential property market and transparent approach allowed us time to concentrate on driving the business forward.”

Gareth Bennett, associate director of debt finance at OakNorth Bank, added: “With the majority of lenders continuing to retrench from the lending market, it’s vital we do everything we can to support projects undertaken by SME housebuilders, such as Rose & Co Developments, to help fill the funding gap and tackle the need for hundreds of thousands of new homes across the UK.

” With two units having already been pre-sold, we anticipate demand for their new Ranskill site to also be high, and we look forward to watching the development take shape moving forward.”

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