Aldermore bank has provided a £4.2m commercial residential refinance loan to returning customer, McIver Homes, an independent house builder and build-to-rent developer in the North East of England.
McIver Homes employs local people to support the local communities in which they build in and currently has a portfolio of 69 rental properties across the North East of England. The loan will be used to refinance 41 apartments and 28 houses across three sites outside Newcastle upon Tyne. Two of the sites are situated in Wallsend and one in Walkergate.
Aldermore’s last deal with McIver Homes was a £6.4m property development loan financing the redevelopment of a former timber yard within the Ouseburn Valley. This latest deal will add to their growing residential portfolio.
James McIver, founder of McIver Homes, said: “McIver Homes have been really impressed by the way Michael Graham and everyone at Aldermore have worked so hard to hit tight deadlines and complete this deal in a short space of time. Aldermore is there to back SMEs like ours, which in turn will allow us to grow and achieve our objectives of being a quality developer with a commitment to build homes which people are proud to live in. We’re looking forward to strengthening our relationship with Aldermore in the future and build on the successes gained over the last few years.”
Michael Graham, senior lending manager at Aldermore, said: “Aldermore has worked with James and McIver Homes for several years now and our relationship with them has continued to go from strength to strength. This latest deal is a good example of how we’ve stepped up to provide funding when traditional lenders are stepping back.”
Graham Ritchie, head of commercial mortgages for the North region at Aldermore, added: “This deal showcases the work we’re doing in the North of England to back local and regional house builders and long term investors. Our ability to offer our customers the option of either development or investment facilities or indeed both ‘develop to hold’ has been warmly received by James and other customers. We’ve been impressed by previous McIver Homes projects and we’re excited to see what plans James and his team have for the local area in the future.”