We've completed a £3.9m residential property development loan to help breathe life back into a long-unused Grade II listed site in Surrey. And what's taking shape has got us excited.
The project, delivered by Paarl Homes, will transform the site into a secure, gated collection of 10 family homes, mixing modern efficiency with the charm of carefully restored historic buildings. Top quality craftsmanship will be put into every corner of the scheme made up of two four-bedroom homes and eight three-bedroom homes.
We've provided a 24-month development loan with a 12-15 month build period and a loan-to-gross development value (LTGDV) of up to 65%, giving Paarl Homes the breathing room it needs to deliver something truly special. Practical completion is expected by October 2026 and we've built in an extra 12 months post-completion for the sales process, or the option to hold properties as rental assets. As always, flexibility is our top priority.
Four of the homes will be new timber-frame builds, which means quick progress and strong energy efficiency with EPC ratings of A-B. The remaining six are undergoing a restoration of the existing 16th- and 17th-century buildings, all in line with conservation guidance. All of the homes boast a 10-year new build warranty, covering latent defects, giving homeowners peace of mind.
James Taylor, director at Paarl Homes, shared a few thoughts on the partnership: "Secure Trust Bank has always offered a flexible approach. The team understands the complexity of restoring listed buildings and tailored their loan to account for this, allowing the time needed to deliver a high-quality collection of properties."
John O'Leary, senior relationship director at STB Real Estate Finance, had this to add about working with James and his team: "Working with James is always a pleasure. The homes he builds are of the highest quality, which is reflected in the prices they achieve on the market. We look forward to collaborating with Paarl Homes again in the future."
This isn't our first time supporting Paarl Homes and James' team. In fact, it follows their record-breaking sale prices for two luxury homes we previously funded in Tadworth. That's proof of what can happen when great developers meet flexible finance.
Professional partners also played key roles in supporting this deal, including Clarke Willmott Solicitors, led by Clare Gregory; Anderson Wilde & Harris, led by Paul Tebbutt, completing the valuation; and Martyn Lorimer from Cluttons working as the independent monitoring surveyor.
For more information visit our dedicated residential property development page.