Funds advised by Hilltop Credit Partners have completed a £360,000 pre-development bridging loan on a greenfield residential development in the affluent village of Braunton, North Devon.
The facility will be used to refinance the development site and is expected to be followed by a £3.5m loan for a 20-month phased development of 11 private and 12 affordable residential units. The private timber-framed units will offer generous outdoor space, on-site parking and stunning views of the Taw estuary through “reversed design,” which places the open-plan kitchen/living rooms on the top floor.
Q2 regional house price statistics indicate that Devon and the South West experienced the third-highest annual increase in the UK. Local agents have reported an unprecedented number of post-lockdown enquiries, driven by buyers looking to move out of larger urban areas and attracted by the area’s outstanding natural amenities. Prices in North Devon have seen an increase of 16.9% since 2015 for newbuild units.
The project has been sponsored by Green Favero Velator, which comprises investment bankers, developers and architects with a 30-year track record of delivering award-winning projects across London and Devon.
Guy Greenfield of Green Favero Velator comments:
“Despite current uncertainties in the market, Hilltop was able to move quickly to help us re-finance this site, giving us valuable time to finalise preparations for what we believe will be a very exciting development.”
Jacob Andersen, Associate Partner at Hilltop commented:
“We are pleased to be working with Guy and the team on this venture. The development fits perfectly with the direction the post-Covid market is headed – an increased focus on indoor and outdoor space and an ability to work from home in a beautiful part of the country.
“At Hilltop, we are extremely proud of supporting SME developers across the UK, especially during these uncertain times, and our one-stop funding solution continues to be well received by the market, with c. £30m committed in 2020 for projects across the UK. We have seen an increase in enquiries since the stamp duty announcement and are poised to fund over £80 million by the end of 2020.
We act as genuine funding partners for SME developers, assisting them throughout the development process to successful project completion.”