A £3.58million advance from Secure Trust Bank Real Estate Finance (STB REF) is helping Lewis McDonagh get its latest residential development off the drawing board.
The loan will help fund the build of 12 new apartments at 19-21 Gresham Road, Oxted, Surrey.
Lewis McDonagh is a privately owned UK real estate investment and development company focused on the London and South East markets.
The Gresham Gardens scheme will comprise ten two-bed and two one-bed high specification apartments with landscaped communal gardens designed by RHS Gold Medal winner Joe Perkins. Work has now started on site, with completion scheduled for June 2021.
Richard Lewis, co-founder at Lewis McDonagh, said: "This is the first time we have worked with STB REF. We were impressed with their commitment to and understanding of the SME housebuilding sector, as well as the speedy turnaround of the facility."
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 to get their projects off the drawing board and on to site, with flexible loans of £1m - 5m.
David Burke, relationship director at STB REF, said: "We are pleased to be able to support niche homebuilders like Lewis McDonagh. They are playing an important role in delivering on the Government's new homes agenda."