Funding supports second phase of 153-unit scheme
Sancus Lending Group has completed a £10.95 million loan to support Bowsfield, an All Saints Developments’ scheme for high quality residential houses in Great Ellingham, Norfolk.
The 67% loan to gross development value (LTGDV) loan over a 24-month term is Phase 2 of the overall development, enabling the development of 22, mainly detached three, four and five-bedroom residential houses along with the infrastructure necessary for future stages of the development.
The overall scheme will include a shop and a village hall with communal and allotment space. The loan ensures the road complex and utilities infrastructure is built now to support the later stages, helping to reduce the client’s total project costs.
Sancus has already provided a facility of £9.2 million for the first phase of the development for 21 houses, which is expected to be completed by the first quarter of 2023. The new loan provides support for the next phase of the 153-unit scheme, with the intention of further successive facilities as each stage completes and sells.
“We are delighted to be supporting and delivering further loan facilities for All Saints Developments,” said Richard Whitehouse, UK managing director at Sancus Lending Group. “We worked closely with the team at All Saints to understand the delivery plan across the whole site. We have really enjoyed developing our relationship with All Saints, who have demonstrated themselves to be a very professional and accomplished developer.
“At a time when many lenders have reduced appetite, Sancus is keen to lend. We benefit from a wide and varied capital base which allows us to bring certainty to the development finance market and continue to support projects with high LTGDVs.”
Jamie Collins, director of All Saints Developments Limited, added that they appreciated the positive and pro-active approach from Sancus, enabling it to continue apace on delivery of much needed new family residential housing.
“Sancus had faith in our vision for this development of high quality, high value housing, and have worked closely with us, allowing us to progress seamlessly through to the next phase of the development, including additional key infrastructure across the site,” Collins said.
