Cowgills Property Finance team has secured £3.38 million of funding from Homes England, based on a peak cashflow structure, to develop 31 new three and four bedroom houses in Hadfield.
The Uplands development at Woolley Bridge in Hadfield is being brought forward by Richard Lloyd Developments, led by principals Paul Feehan and Mark Jones.
David Rainford, Cowgills Property Finance director and MD of sister company PMJ Capital, has been working closely with the developer and Homes England to secure funding for the scheme which, when complete, will have a Gross Development Value of over £10 million.
Commenting on the announcement, Mr Rainford said: “Through our sister bridging finance business PMJ Capital we were able to provide early stage funding to assist with site, planning and working capital costs over the last two years.
"With that initial loan in place and a willingness to roll forward part of the facility we were able to be flexible and secure the funding package with Homes England.
“We’ve worked tirelessly with Paul and Mark to not only deliver appropriate funds at each stage but to support them through a lengthy reserved matters planning progress during the entirety of the pandemic.
"That combination of both business advice and access to finance at every stage is a real strength of Cowgills and we’re excited to see this development now progress at pace to completion.”
Paul, from Richard Lloyd, added: “Uplands is a great site which will deliver much needed new homes for the local area now we have full funding in place. It has been a real team effort through some extremely challenging times and without Dave Rainford’s support, guidance and sheer perseverance throughout the process the scheme would not be now coming out of the ground.”
He added: “The demand for high quality family homes is good locations shows no signs of slowing down despite the removal of the Stamp Duty holiday which is really reassuring.
"The build programme with TAD Construction is now well underway and reservations at Uplands are going really well with over two million pounds worth of houses reserved already.”
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