A £9.05m housing project in Somerset which will provide 69 new homes has received a boost after the developer secured a multi-million pound loan.
Specialist property development lender CrowdProperty has said it has agreed a £5.7m finance package for the project situated off Hopcott Road to the south of Minehead.
Agreed over an 18-month term, the funds will enable the developer to construct around 60,000 sq ft of accommodation on the five-acre site, comprising a mix of flats, terraced, semi-detached and detached homes.
Around a third of the properties will be affordable housing, including 13 homes in the initial phase of 33, which have been forward sold to a regional housing association.
CrowdProperty said its loan would allow the provision of necessary infrastructure for the remaining land, allowing the developer to immediately begin on further development phases once initial works are completed.
Andrew Hall, property director at CrowdProperty, said : “This project is yet another example of CrowdProperty funding small and medium size developers in order to build more homes and drive spend in the UK economy.
“As property finance by property people, we understand the needs of developers and work to address the funding pains in the market.”
CrowdProperty has funded £440m worth of property projects, agreed £245m of facilities and supported the building of more than 2,100 homes. The Birmingham-based fintech launched its service in Australia last year.
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