Funding deal brings forward housing scheme
Register for free to receive latest news stories direct to your inboxRegister
A Cannock-based housing developer is expanding its footprint in the region with a development of more than 50 properties, with support of a seven-figure finance package.
Marshall Bell, owned by husband and wife Marshall and Mandy Bell, embarked on the new development at The Farm in Pye Green after receiving a £1.3m loan from Lloyds.
It is by far the largest project the firm has undertaken, surpassing its previous biggest development of nine properties.
The first phase of the project, including 28 affordable houses aimed predominantly at first-time buyers, has completed this year, with the first buyers moving in in April.
The firm is currently undertaking the second phase of development, which will include a further 24 houses, supported by an additional £1.3m loan as part of Lloyds Bank’s Clean Growth Finance Initiative.
Mandy Bell, said: “Cannock is becoming one of the most popular locations in the region and we know the area well – my husband and I went to school just five minutes away from Pye Green. We’re passionate about bringing more quality, affordable housing to the region, made using local materials and labour where possible, and that’s exactly what we’ve tried to do with these new properties.
“The project was temporarily halted during the coronavirus pandemic as the businesses introduced Covid-secure measures at the site and endured a small amount of supply chain disruption. The Lloyds Bank team provided a package through part of the Government’s Bounce Back Loan Scheme (BBLS) to help the business through this turbulent time.
“Like all businesses we experienced some disruption during the pandemic, but the extra help and guidance provided by the Lloyds Bank team meant we could complete the project with confidence. They have been a constant source of support throughout and we look forward to continuing to work with them as we progress with the second phase of the development.”
Sharon Woodhead, relationship director at Lloyds Bank, said: “Marshall Bell has a strong reputation in the area and the new development at Common Farm is an important step for the business as they look at expand their footprint in the region. House sales have increased in the first half of the year and this development will ensure the area can continue to keep up with this demand.
“It’s great to see the business prioritising sustainability when it comes to the energy efficiency of the properties. Being environmentally responsible is more important than ever and we’ll continue to work with more local businesses that are looking to become greener through our Lloyds Bank’s Clean Growth Finance Initiative.”