Loan supports the construction of 13 townhouses in Harwich, Essex
Specialist finance provider Saxon Trust has finalised a £2.52 million development loan for a new project in Harwich, Essex, supporting the construction of 13 townhouses on a 0.90-acre site that the company previously helped acquire.
The site, situated within a conservation area, benefits from its proximity to local shops, amenities, and a mainline railway station with links to Chelmsford, Colchester, and London. Each property will feature allocated parking and private rear gardens, enhancing the appeal for potential homeowners.
In addition to offering contemporary family living spaces, the development will include landscaped areas designed to support local biodiversity and improve the natural environment.
The project faced multiple challenges, including the need for Japanese knotweed remediation and various wildlife protections, such as the relocation of slow worms, as mandated by environmental regulations. Saxon Trust also secured a basic asset protection agreement with Network Rail, which was essential for progressing the development.
Read more: Saxon Trust gets £35 million facility from OakNorth
“Following a run of recent conversion and development exit loans, we are delighted to get back to our ground-up roots by funding the construction of attractive new homes in a such a great location,” said Brian West (pictured), head of sales and marketing at Saxon Trust.
Andrew Gardiner, director at Saxon Trust, highlighted the financial structure of the deal, mentioning it was secured through a new bank funding line with a base rate tracking product.
“While there are no guarantees if, as seems likely, we are at or near the peak of the current interest rate cycle, our client will hopefully benefit from rate reductions as the build progresses,” Gardiner said.
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