MEG Developments Ltd has commenced work on its Lodge Farm new homes scheme, thanks to a £4.13million loan from Secure Trust Bank Real Estate Finance (STB REF).
The advance helped fund the acquisition of Lodge Farm - a 16th Century farmhouse and 0.5 acres of surrounding land, off Lodge Lane, Chalfont St Giles, Buckinghamshire - and to kick-start the development.
A comprehensive refurbishment of the farmhouse will be undertaken, and an additional five new homes created. The three- and five-bedroom properties at the gated development are set around a private courtyard and accessed via a private road. Ranging in size from 1,649 sq ft - 3,158 sq ft, the homes are priced from £849,235 - £1,749,532 and will be available from June 2021. The scheme has a GDV of £7.2million.
Michael Malski, managing director at MEG Developments, said: "We were able to secure both land and development loans simultaneously with STB REF, removing any uncertainty regarding the construction phase of the site. We are grateful to the team for their seamless and speedy response to our requirement."
Secure Trust Bank's real estate team provides lending facilities of £1m-£45m to residential and commercial property developers and investors, from SME housebuilders to UK-based funds. The bank has committed £100m specifically to assist SME housebuilders and property developers get their projects off the drawing board and on to site, with flexible loans of £1m - 5m.
James Conolly, relationship director at STB REF, said: "Chalfont St Giles is a much sought-after location and we're confident that MEG's scheme, which is unique in the area, will prove attractive to buyers."