Saxon Trust has recently completed a £2.52 million ground up development loan secured on a 0.90-acre site in Harwich, Essex.
Having part-funded the acquisition of the site, Saxon will be fully funding the construction and build costs of 13 townhouses.
Located within a conservation area but with close proximity to shops, amenities and a mainline railway station offering commuter access to Chelmsford, Colchester and London, all of the properties will have allocated parking spaces and rear gardens.
Saxon Trust work closely with all its developer partners to overcome issues such as Japanese knotweed remediation, the requirement for a BAPA (Basic Asset Protection Agreement) with Network Rail and the capture, translocation and habitat mitigation for slow worms found on the site.
Brian West (pictured), head of sales & marketing at Saxon Trust, said: “Following a run of recent conversion and development exit loans we are delighted to get back to our ground-up roots by funding the construction of attractive new homes in a such a great location.”
Andrew Gardiner, director at Saxon Trust, added: “With a 24-month term on this loan we have completed it through a new bank funding line on a base rate tracking product. Whilst there are no guarantees if, as seems likely, we are at or near the peak of the current interest rate cycle our client will hopefully benefit from rate reductions as the build progresses.”