A Poole-based property developer has secured a £7.7million finance package from Lloyds Bank Commercial Banking and the Housing Growth Partnership to build 16 new flats in the area.
Read time: 5 mins Added: 18/06/2018
Fresh Developments, established in 2005, designs, builds and manages residential properties across Dorset.
The funding will allow the business to build new homes in Lilliput in Poole. The flats will be a combination of two and three bedroom properties, aimed at those looking to move up the property ladder. The construction is set to complete in summer 2018.
Watch Myles Bridges, Director of Fresh Developments talk about their growth journey.
Funding for growth
The finance secured for the Lilliput site consists of £5.7 million of debt finance from Lloyds Bank Commercial Banking and £2 million of equity from Housing Growth Partnership.
The Housing Growth Partnership, which was launched in 2015 by Lloyds Bank Commercial Banking and the Homes and Communities Agency, is a dedicated equity investor for the residential development sector.
"We've entered a new phase of growth for the business and thanks to the recent funding, we've been able to start on our biggest project yet."
Myles Bridges, Director of Fresh Developments
"Work has now started on our site in Lilliput. The flats will be at the heart of the village and, once complete, residents will enjoy harbour views from their homes and be close to local restaurants, shops and bars.
"The support from Lloyds Bank and the Housing Growth Partnership will help us capitalise on the growing demand for high quality homes in the area."
Fresh Developments completed two other developments in Dorset in 2015 with support from Lloyds Bank. Five houses at Leverett Gardens and ten at Surrey Glade have bolstered local housing and supported first-time buyers.
"Fresh Developments is a successful local company that's made a commitment to tackle the housing shortage and offer local residents affordable homes."
David Binding, Relationship Director at Lloyds Bank Commercial Banking
David Binding, Relationship Director at Lloyds Bank Commercial Banking, said: "We're committed to helping Britain prosper by supporting businesses like Fresh Developments, which is why we have pledged to grow our SME and Mid Market net lending by at least £2 billion until the end of 2018."
ANY PROPERTY GIVEN AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT.
All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
Important legal information
The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.
Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service. Please note that any data sent via e-mail is not secure and may be read by others.
Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.
Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com
While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.