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."
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