Together agrees £7m funding line for luxury home development

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  • 24/10/2019
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Together agrees £7m funding line for luxury home development
Together has agreed a £7m funding facility for a development of family-orientated homes in the North West.

 

The facility has been agreed with Harvey Homes Group, which is building 30 properties near Knutsford in Cheshire.

The development has been valued at £15m once complete, with the first properties ‒ which have recently been released for sale ‒ available for between £735,000 and £855,000.

Together agreed the funding package after visiting the site and assessing the firm’s detailed plans for the development.

The builder had struggled to find the funding needed to kick on with the project, with Tom Harvey Ratcliffe, director of the Harvey Homes Group, noting that the banks they initially approached were nervous “because our board had limited experience in residential property”.

It then recruited Mike Kennedy as a fellow director, who introduced the business to Together. 

Harvey Ratcliffe added:  “It’s fantastic that Together has agreed to support us. Aside from the financial aspect, it’s particularly beneficial to have a lender on board which really understands the needs of developers like us and is willing to help turn our exciting vision into a reality.

“We’re looking forward to developing our burgeoning relationship by undertaking many more projects with them.”

Together has also published research which found that borrowers were more inclined to use their savings for a deposit on a property rather than on a wedding.

It found that almost three quarters (70 per cent) would use £17,674 ‒ the average cost of a wedding ‒ as a deposit instead of paying for their big day.

 

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