Sweet deal for housebuilder as lender backs maiden scheme
A new venture launched by former Avant Homes CEO Mark Mitchell has secured a £4.7m loan from OakNorth Bank to help support its maiden residential scheme.
honey submitted £14m plans for a development of 50 two, three and four-bedroom homes in South Normanton, Derbyshire earlier this year.
Subject to planning, the loan from OakNorth will enable the private equity-backed housebuilder to deliver the scheme, which will include five affordable units and fourteen separate house types.
Mitchell said: “By launching honey, I can now start realising my vision for building new homes that will deliver a combination of style, substance and sustainability that will be unmatched at its price point. From our market research, we understand there is strong demand for high quality and high specification new homes in South Normanton, so, subject to planning, we will be very pleased to be able to provide exactly that for the Bolsover local community.”
He continued: “Working closely with Damien [Hughes] and the team at OakNorth, we instantly realised their passion and ability to support the SME housebuilding community and they were highly transparent and communicative throughout the entire lending process.”
Hughes, senior director of property finance at OakNorth Bank, said: “Since honey’s launch only five months ago, Mark has already overseen the opening of its new Sheffield HQ, whilst also bringing together highly experienced industry talent that looks set to create a refreshing approach to housebuilding.”
He added: “Located a short drive away from the popular towns and cities of Chesterfield, Derby, and Nottingham, the South Normanton scheme is perfectly placed as a commuter location, making it ideal for young and growing families. SME housebuilders continue to play a vital role in local communities and economies, which is why we’re so thrilled to be able to support honey’s first-ever residential scheme.”
