Following recent planning approval, Secure Trust Bank (STB) Real Estate Finance has increased its loan to Bruckland Developments to £3.96m. The funding builds on an initial £3.45m deal, supporting upgrades to a nine-home development in Felbridge.
The additional finance and planning permission provides Bruckland Developments with the option to reconfigure some of the internal layouts to maximise the space for future occupants. This enables the new homes to better meet the demands of the modern family and hybrid working life.
With a 21-month term and a loan-to-gross development value (LTGDV) of 65%, the residential development facility provided by STB marks the fourth loan issued to Bruckland Developments since 2020, highlighting the success of the partnership so far.
The properties are being built on a new private road to the rear of Rowplatt Lane. Two of the nine houses have already been sold, with a further five already reserved.
STB also arranged a partial release of sales funds back to Bruckland Developments to help prepare for their next development together.
Joe Bruckland, Managing Director Bruckland Developments, said: "It's always a pleasure working with Secure Trust Bank. The team provided the flexibility needed to exploit new opportunities within this development, which has been crucial in enabling us to deliver the high-quality homes initially envisioned.
"Over the past five years, the bank has become a trusted partner, consistently providing facilities that align perfectly with our own business plans as we continue to grow our portfolio. I look forward to working with the team again in the future."
The homes are being constructed with sustainability in mind, incorporating solar panels and EV charging points to achieve a high SAP rating.
The deal was led by Richard Lynn, Senior Relationship Director at STB Real Estate Finance, with the support of James Reeves, whom Richard is mentoring to become a Relationship Director.
Richard said: "We are proud to support Joe and Bruckland Developments with this latest facility, which reflects the strength of our longstanding relationship. After hearing about new opportunities provided under the improved planning permission, we immediately put together another facility that could enable the upgrades and add real value to the homes."
James added: "It has been great working alongside Joe and the team. Their commitment to delivering high-spec homes with a sustainable focus aligns with our own values, and we are pleased to play a part in enabling the delivery of properties built for the future."
Visit the Secure Trust Bank Real Estate Finance website for more information, or its dedicated residential property development area.