New house

RAP Developments has secured loans totalling £4.2 million from Secure Trust Bank Real Estate Finance (STB REF) to fund the development of new family homes in Berkshire and Buckinghamshire.

The company, based in Wooburn Green, Bucks, will commence the build of nine new homes under its Clayfield Estates brand.

Five of the properties are at Abbey Court, a gated development in Burnham. A single 4-bed detached home, Birch House, will be built in Beaconsfield. A further three homes are planned for Edwards Court, in Bourne End.

The homes are priced at £695,000 - £1.6million.

Richard Potyka, managing director of RAP, said: "We are a niche developer, building high quality family homes for sale or rent on small sites in the South East. We juggle a number of schemes at any one time, so it was great to be able to secure funding for three developments with one bank."

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.

John O'Leary, senior relationship director at STB REF in Reading, said: "Small and medium-sized housebuilders are providing a vital role in developing much needed new homes to help deliver on the Government's new housing targets. It's a sector we are very active in and we look forward to supporting RAP Developments as it grows its business."

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