Housing development refinanced with £2m loan

A set of nine detached homes has been refinanced with a £2.4m residential investment loan from Secure Trust Bank (STB) Real Estate Finance.

The five-year loan facility, overseen by Vincent Pang, relationship director at Secure Trust Bank, was drawn down in September 2024, with the deal closing in just over two months.

Waterside Grange, developed by Shaw Estate Management, is located in Polesworth, a village near Tamworth, and was completed in August 2024.

The site previously housed a disused garage and two homes before construction began.

Six of the nine homes have already been let, with the developer choosing to retain the properties for long-term rental income rather than selling in the current housing market.

Each four-bedroom home is designed with finishes including integrated appliances, solar panels, and electric vehicle (EV) charging points.

Andy Shaw, director of Shaw Estate Management said: “This is my third time working with Secure Trust Bank, and, given the team’s previous experience in delivering transactions that require a tight turnaround, they were simply the go-to for this deal.

“The bank’s tailored approach included an on-site visit from Vincent, who travelled to the development to get a better understanding of what exactly was needed to ensure this deal was completed in a successful and timely fashion.”

Pang said: “It was great to work with Andy once again. As experts in property finance, we are pleased to have solved his challenge of being under time pressure from the existing lender to refinance the development. The deal’s quick completion is a testament to the strong working relationship that we have built over the past three years, and we look forward to working with Shaw Estate Management in the future.”