Housebuilder lands £4.1m loan to develop Lancashire site
Create Homes (Land & Property), in partnership with market place lender Asstez Capital, has secured a £4.1m development loan to fund the acquisition and construction of a new residential site in Pilling, Lancashire.
The housebuilder is part of the residential arm of the Create Construction Group.
The North West-based commercial and residential developer was founded in 2006 and already has two successful residential developments in the Lancashire area.
Ash Meadows, in Inskip, was completed in February last year, with a St Petersfield development due for completion in 2020.
The Pilling site is situated in a semi-rural village within the Wyre borough of Lancashire, which is 11 miles south of Lancaster.
Once completed the first phase of the development will consist of a mix of 11 detached and semi-detached three-bed houses and nine four-bed houses. The initial construction will take 16 months.
While the loan will be used to assist with the site purchase and the initial phase one development. There are also plans for further units in phase two, with the site eventually consisting of 37 units, which will include four affordable homes.
Since establishing in 2013, Assetz Capital has lent more than £900m to UK SMEs, funding projects such as commercial properties, housing developments, care homes and purpose-built student accommodation (PBSA).
In the past year the marketplace lender has funded new housing projects representing the equivalent of one in every 100 new homes built.
Andrew Llewellyn, regional relationship director at Assetz Capital, said: “We are pleased to support Create’s development in furthering their presence in the Lancashire region, adding to their current two sites.
“By supporting their first phase of construction we have been able to provide a loan that is flexible for the firm to progress at a rate which suits them.
“This investment is particularly important, supporting the demand for housing across the Lancashire region and building on our objective to positively impact the overall UK housing market.”
Andrew Wright, managing director at Create Developments, said: “Assetz Capital’s support in this development has been vital in adding to our developments across Lancashire.
“The investment has allowed our company to expand, creating jobs in the local area and positively affecting the local economy by making the region a sought-after area for people to live.”
David Rainford, property finance director at Cowgills, who secured the funding for Create through Assetz, said: “We have been working with Create for over three years now and have assisted them in securing funding for a number of projects across the region.
“SME developers are crucial to the housing crisis in the UK, and funding through lenders such as Assetz is essential to ensure housebuilders like Create can continue to grow.”
