OakNorth has completed a £9m loan to Hayfield Homes to fund the development of two major residential schemes.
These developments are the first projects to be undertaken by the residential developer since it was founded in 2016 by former directors of the Banner Homes Midlands team.
The first site is located on Main Street, Tiddington, Stratford-upon-Avon, covers seven acres and will feature 32 new homes.
The scheme will comprise 26 houses, six flats, a new Home Guards Club and will be completed in two phases.
The second development is on a five-acre site in Banbury, Oxfordshire, and will consist of 43 new two- to five-bedroom apartments, with a total GDV of over £13m.
Planning permission for the project was secured from Cherwell City Council last month.
Ben Barbanel, head of debt finance at OakNorth, said: “With the average property in Banbury costing almost £300,000, and Oxfordshire's population having increased by 50% over the last 30 years, the county is in desperate need of new homes.
“Hayfield's experienced management team has the expertise and ambition to take both projects forward bringing some much-needed new homes to the regions and generating strong returns for their investors.”
Mark Booth, co-founder at Hayfield Homes, added: “These are our first projects since founding Hayfield in 2016, so it's very exciting to have obtained planning permission and secured the capital needed to support the developments.
“Our investors Castlelake, who have over 20 years' experience and a portfolio of almost $9bn [approximately £6.8bn], put their faith in us just like OakNorth and Reality Wealth have done.
“Their support has been invaluable and we are already speaking to them about another project in Worcestershire.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
300 companies sign up to Women in Finance Charter
A total of 300 companies have now signed up to HM Treasury’s Women in Finance Charter....
Hanley Economic offers self-build product in Scotland
Hanley Economic Building Society has extended its self-build and residential mortgage offerings into Scotland with immediate effect...
Why it’s important to encourage female entrepreneurs
On Women’s Entrepreneurship Day, we honour women in business, their fearless ambition, their achievements and successes...
TSB names new CEO
The board of TSB Bank PLC – with the support of Sabadell – has announced that Debbie Crosbie (pictured above) will become its new CEO in 2019, subject to regulatory approval...
Tandem opens community beta testing for autosavings
Tandem has invited its existing app users to join its autosavings beta testing community to help test its new proposition...
Secure Trust Bank enters Right to Buy market
Secure Trust Bank Mortgages (STB) has launched into the Right to Buy market with a range of mortgages for tenants looking to purchase their existing home...
Starling announces partnership with the Post Office
Starling Bank has announced that it has partnered with the Post Office as it looks to offer every day banking services to its customers...
Close Brothers appoints new NED
Close Brothers Group PLC has named Peter Duffy as an independent non-executive director...
What’s missing from the specialist banking market?
Two months ago, Specialist Banking published a feature looking at whether there was room for more banks in the sector...
TransferWise secures £65m syndicated debt facility
TransferWise has completed a £65m syndicated debt facility with NatWest, JP Morgan and LHV Bank...
EedenBull AS names non-executive chairman
New fintech company EedenBull AS has appointed Jeremy Nicholds as its non-executive chairman of the board...