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Secure Trust Bank Real Estate Finance has completed the first deal under its new Greener Homes Scheme.

White Property Holdings Ltd has secured a £1.14 million green investment loan against a development of 12 new homes in the leafy market town of Henley in Arden, Warwickshire.

Called The Elms, the development comprises a large Victorian detached house, which has been converted and extended to create ten apartments. A mews home and bungalow have also been added at the rear of the property.

As well as being built to a high design specification, all the properties have an EPC rating of C or above, meaning they qualify for STB REF's Greener Homes Scheme.

Launched earlier this year, the Greener Homes Scheme includes the Green Residential Investment Loan and the Green Improvement Residential Investment Loan, which offer favourable interest rates to borrowers investing in new green residential investment portfolios or upgrading existing properties to make them more energy efficient.

The Green Residential Investment Loan offers loans secured against portfolios where 90 per cent of properties, measured by area, have an EPC rating of A, B or C.

Greg White, of White Property Holdings, said: "Thanks to the support from Secure Trust Bank I have been able to release equity held in the development to fund further residential projects.

"The favourable interest rates offered by the Greener Homes Scheme were an added incentive."

Chris Daly, Real Estate Finance relationship director, said: "Since it was launched in June, the Greener Homes Scheme has proven popular with borrowers, so much so that the £100 million we originally committed to the scheme has already been allocated.

"There is a real push from industry and government for homes to be more sustainable and the demand we have seen for the scheme demonstrates that residential property investors and developers are adopting greener investment strategies and practices."

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