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Hilltop Credit Partners completes £2m loan for residential development in Latton, Wiltshire • Funds advised by Hilltop Credit Partners Limited (“Hilltop”) have provided a development finance facility of £2m to Pars Developments • The funds will be used to develop five private houses in the village of Latton, which sits on the Wiltshire / Gloucestershire border • In recent months, the market for houses in rural locations has been much stronger than expected, driven by demand for larger, more affordable spaces with private gardens • To date in 2020, Hilltop has provided over £30m in lending commitments to SME developers to fund the construction of c.150 residential units across England London, 3rd November 2020: Funds advised by Hilltop Credit Partners, a specialist funding partner for SME residential developers, have completed a £2m loan to Pars Developments to fund a private residential development in the Wiltshire village of Latton. The development sits on the edge of a National Nature Reserve and is a short drive from both the Cotswolds and Swindon. The facility will be used to fund the site acquisition, development of four new detached houses, and refurbishment of an existing semi-detached house; the facility also includes a VAT bridge loan. The target audience for the development is families looking to upsize, including London-based buyers seeking more rural locations with work-from-home space, private gardens and access to countryside leisure activities. Latest Rightmove data suggests that homes sales agreed nationally were up +70% y/y in September, reflecting a number of factors, including strong pent-up demand, the introduction of government stamp duty incentives, and emerging structural changes in the nation’s housing market. The regional house price statistics from Land Registry also show pricing for newbuild housing stock in Wiltshire +7.2% y/y. The project has been sponsored by Pars Developments, who have decades of experience delivering high-quality, affordable family housing in the local Swindon / Wiltshire market. Commenting on the partnership, Sepehr Izadpanah of Pars Developments said: “We are excited to be partnering with Hilltop, who have worked hand-in-hand with us to get this project funded. We believe this niche development will be received well by the market, particularly given the trends that have emerged post-Covid.” Paul Oberschneider, Founder and CEO of Hilltop Credit Partners, commented: “We are pleased to be working with Sep, Morri and their development team on this project. Pars has a long history of successfully developing affordably priced housing in their local market, and this development fits perfectly with the direction the post-Covid market is headed – an increased focus on indoor and outdoor space and an ability to work from home in a beautiful part of the country.” |
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