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
Wyelands Bank completes $12m trade finance deal
Wyelands Bank has provided a trade finance deal for Canon Garth worth up to $12m annually...
The UK's SME productivity challenge
There are many millstones hanging around the neck of Britain’s economy in early 2019...
Metro Bank, Starling and ClearBank awarded £280m of funding
Metro Bank has secured £120m in funding from Banking Competition Remedies Limited (BCR)...
Falcon Private Bank to discontinue UK operations
Falcon Private Bank has decided to discontinue its UK operations and sell the assets of its London-based subsidiary, Falcon Private Wealth Ltd, to Dolfin Financial (UK) Ltd...
Revolut CEO calls for specialised tech visas
Nik Storonsky, CEO at Revolut (pictured above), has called on the UK government to introduce specialised visas for technology professionals...
Aldermore appoints new head of intermediary distribution
Aldermore has appointed Nick Parker (pictured above) as its new head of intermediary distribution within its retail mortgage business...
Ipswich Building Society to develop enhanced savings proposition over next two years
Ipswich Building Society has confirmed that it will develop an enhanced savings proposition over the next two years, with a focus on both digital and face-to-face services...
BTR: Tenant poacher or happy bedfellow?
The sand has been shifting so much under the feet of private landlords that many may believe they are becoming an endangered species...
Paragon bolsters asset finance team
Paragon has appointed Jan Greenhalgh as head of new business within its asset finance division...
Gatehouse Bank appoints new director
Gatehouse Bank has appointed Roger Evans (pictured above) as its new director of home finance distribution...
Rob Lankey to join Shawbrook as director of commercial investment
Shawbrook has announced that Rob Lankey (pictured above) will join as its new director of commercial investment at the end of February...