£8.5m secured by housebuilder for Devon scheme

West Country housebuilder Devonshire Homes has secured a seven figure revolving credit facility to develop a recently acquired site in Ilfracombe, North Devon known as Mariner’s Haven.

The funding provided to Devonshire Homes from Lloyds Bank in partnership with social impact investor, Housing Growth Partnership, will enable the business to make good on its promise to bring forward 400 homes per year by 2026.

Devonshire Homes approached Lloyds Bank, securing £8.5m of funding to facilitate the development of 347 new homes in Ilfracombe with 11% of the properties to be delivered as affordable homes.

Forecasted sales for the 50-acre site have seen Devonshire Homes predicted turnover rise 40% to £57m this year. Founded in 1992, the business specialises in residential development, land acquisitions and planning consultations.

Devonshire Homes currently employs 60 people with plans in place to expand operations as the developer nears capacity at its current headquarters in Tiverton.

Angus Cook, managing director at Devonshire Homes, said: “Following the pandemic, when development across the country was paused, the South West is still playing catch up with its housing supply. Our five year commitment is all about injecting life back into the housing market to spur regional growth and help provide homes and communities for local people.

“Lloyds Bank’s continued support will allow us to accelerate our strategic ambitions and address the region’s housing shortages by bringing forward 400 homes per annum by 2026.”

Construction is due to start at Mariner’s Haven during summer this year.

Paul Collings, relationship manager at Lloyds Bank, said: “With the South West’s population set to grow by another 65,000 this year, the region is becoming increasingly stretched on all fronts as housing stock becomes a more immediate challenge. It’s been brilliant to support Devonshire Homes with its Ilfracombe development as the business continues to tackle one of the region’s biggest challenges head on to ensure the South West remains an attractive opportunity for growth.”