Multi-million pound loan funds West Sussex village scheme with 12 affordable homes
A £12.6m loan will fund the purchase of land and construction of 35 homes in Cowfold.
Development finance lender Atelier completed the loan to Bruckland Developments.
The facility has a 21-month term and a loan-to-value ratio of 70 per cent. The development will include 12 affordable homes, just over a third of the total.
The scheme will comprise nine four-bedroom detached houses, 14 three-bedroom semi-detached houses, ten two-bedroom semi-detached houses and two one-bedroom flats. The village lies near the South Downs National Park.
Raj Hothi, lending director at Atelier, said the lender was pleased to be working with a specialist developer with a track record of building homes with character.
“Our focus at Atelier is on understanding each opportunity and structuring funding that gives borrowers the confidence and certainty to move forward,” he said.
“This development will provide 35 high-quality homes in Cowfold, including 12 affordable units, creating a lasting positive impact for the local community.”
Joe Bruckland, managing director of Bruckland Developments, said the company was pleased to move ahead with the scheme and believed it would be a welcome addition to the village.
He said: “From the outset, the team has demonstrated a strong understanding of our business and our vision for the development.
“We value the importance of trusted partnerships and look forward to working collaboratively to bring this new collection of homes to life.”
Atelier provides development finance to SME developers across the UK, offering loans of £3m to £40m for residential, student accommodation and care schemes.