£3.4m deal enables construction to start on new housing scheme
Cowgills Property Finance has secured £3.39m funding from Assetz Capital on behalf of D T Joseph Developments to deliver 16 new family homes in Ramsbottom, with LDS guaranteeing sales.
The homes are being built at Spring Meadow, off Whalley Road.
David Rainford, of Cowgills Property Finance, said: “We have worked closely with the D T Joseph team over the past couple of years, initially assisting them with funding for the site purchase.
“We have been able to support and advise them through the changing funding market which was, of course, heavily affected by COVID and to help them secure a 12 month interest-free funding deal.
“Together with underwriting from LDS it will enable them to deliver these much needed family homes for the local market.”
The scheme, on Spring Street in Ramsbottom, formerly Woodhill Farm, consists of 16 three- and four-bedroom properties.
Construction is now under way and early reservations are being taken with the opportunity to personalise the specification.
Daniel Lloyd, from D T Joseph, said: “The last 12 months has been challenging for all of us and construction is no exception.
“However, at D T Joseph, alongside Cowgills, LDS and the various other professionals, we have worked hard to get this funding in place following numerous delays outside of our control.
“With sales off plan already taking place we are now looking forward to delivering these high quality and efficient family homes for the people of Ramsbottom and anyone looking to move in to the area.”
Mark Hawthorn, from LDS, said: “We have followed Dan’s progress over the last few years and were keen to support with our LDS Sales Guarantee.
“After the volatility of 2020 it’s pleasing to see them on site and bringing forward what is a great development.
“If we are going to close the housing shortfall a much increased supply must come from SMEs. We look forward to seeing this site progress and working on future sites together.”
Cowgills Property Finance is currently working with a number of North West-based SME developers across a range of housing and apartments schemes with a combined gross development value of more than £80m.
