£5m funding secured for luxury housing development in Cheshire

Bolton-headquartered business advisory and accountancy specialist Cowgill Holloway has completed a joint venture agreement which secures £5m funding for a new housing development at Lymm in Cheshire.

Lane End Group launched its new new luxury housing brand Residence in January. The development, Cotebrook is the first project delivered through it.

Cotebrook, is five, six bedroom houses designed by PRP Architects with prices starting from £1.4m. Residence is located on Oughtrington Lane which was formerly the Cotebrook Nursing Home.

Cowgills team procures alternative finance solutions for property developers and house builders to enable them to bring projects forward without the use of traditional bank funding which remains largely restrictive.

For Lane End, a number of options were explored and a private individual, a seasoned investor with a long-standing relationship with Cowgills, was impressed with the development and Lane End team enough to commit to-funding Residence.

Richard Harrison, managing director, Lane End Group said: “Completing the JV agreement is a significant step for us in delivering our first high-end luxury homes project in Lymm.”

David Rainford, property finance director, Cowgill Holloway said: “Securing funding still remains a significant challenge to all house builders and being able to secure this joint venture agreement shows with there are alternative options to traditional routes available.

“With access to finance from mainstream lenders still hard to come by, especially for the SME residential developers, it’s pleasing to see funders willing take measured risks.”

Cowgill Holloway has offices in Bolton, Manchester and Liverpool. The team advise clients on all aspects of property finance, taxation, compliance and advisory services.