LendInvest seals £17m deal for first phase of 5,750 home site

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  • 19/01/2018
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LendInvest seals £17m deal for first phase of 5,750 home site
LendInvest has been named the exclusive development finance lender on the first phase of a long-term development scheme that aims to build up to 5,750 new homes outside Dover in Kent.

The lender is funding the first 216 units on the first section of the site to be developed by Halsbury Homes – the largest number of units it has funded so far.

All of these units will be available for purchase by first-time buyers through the government’s Help to Buy scheme.

Halsbury Homes originally took out a £10m bridging loan with LendInvest to repay an existing lender and then transitioned to a development finance loan of £7.75m for construction.

The total loan provision for this site is just under £18m based on a loan to value of 64%. Construction of the first 216 units is expected to be completed by late 2019 and the total gross development value is forecast to exceed £59m.

Halsbury Homes plans to build 5,750 properties on the Whitfield site (pictured), the first section of which has consent to build 1,310 homes.

 

Long-term relationship

LendInvest director of development Steve Larkin said funding a development that size “hugely exciting”.

“There is great potential for a very long-term relationship and this deal shows how far we have grown as a development finance backer in two years since our development loans were formally launched.

“The fact that this will be adding at least 216 affordable homes to the country’s housing stock in an area that’s popular with families and commuters is a significant bonus.”

Halsbury Homes chief financial officer Jason Green added: “We have been in the fortunate position of having several funders interested in supporting our next phase of growth.

“However, once LendInvest showed interest in supporting us on the scheme, it was not a difficult decision to partner with them, as they have been a strong partner to us on other sites.”

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