Hilltop Credit Partners completes £3m loan for eco-friendly residential development in South Molton, North Devon

  • Funds advised by Hilltop have provided a £3m loan to fund Talo Homes Limited
  • So far in 2020, Hilltop has provided c. £30m in lending commitments to SME developers to fund the construction of 139 residential units across England
  • The funds will be used to develop 14 eco-friendly houses in the historic market town of South Molton in North Devon
  • The units will benefit from private gardens and off-street parking, and are expected to attract a mix of families and couples looking to downsize

London, 25 August 2020: Funds advised by Hilltop Credit Partners, a specialist funding partner for SME residential developers, have completed a £3m loan to build a sustainable residential development in the historic market town of South Molton.

The project is being led by experienced property developer Jamie MacDonald-Murray, founder of Talo Homes, which is exclusively focused on delivering affordably priced, environmentally friendly housing in the South West of England. All of the planned units will qualify for the Help to Buy scheme, with sales targeted for late 2021 / early 2022.

The finance will be used for the site acquisition and ground-up development of 14 eco-friendly residential units, comprised of eight detached and six semi-detached houses. The units will be built using a modular, timber-frame construction system to deliver high-quality, energy-efficient homes at competitive prices. Each house will benefit from off-street parking and private garden space. The site is located near the centre of this historic market town, known as the “Gateway to Exmoor”.

The property market in the South West of England is currently experiencing strong sales volumes of newbuild homes and rising property prices, driven by local demand, migration from the South East, and a region-wide deficit of new-build homes. Rightmove notes in its August 2020 report: “The out-of-city exodus has helped push prices to record levels in Devon and Cornwall . . . where working from home means a different lifestyle much closer to your new doorstep.”

Across the UK, agreed property sales were up 38% y/y for the period 12 July to 8 August, with asking prices up 4.7% y/y, according to Rightmove. The strength has been attributed to a number of factors, including strong levels of pent-up demand in the market, recent changes to the Stamp Duty Land Tax regime, and fundamental shifts in working / living preferences that have emerged throughout the UK’s Covid lockdown.
 
Commenting on the deal, Jamie MacDonald-Murray, Founder of Talo Homes, said
“I am thrilled to be funding this project with Hilltop Credit Partners, who understand the complexities involved with development finance. Despite the economic uncertainties that emerged throughout the funding process, Hilltop delivered on their commitments. We believe this is an exciting development, which should attract strong demand from both local buyers and the increasing number of residents across the UK looking to move further away from large cities.”

Jacob Andersen, Associate Partner at Hilltop Credit Partners, commented:
“We are pleased to be working with Jamie and his team, who bring decades of residential real estate development experience to the table. We believe Talo’s product – which combines high-quality construction and design, with green space, energy efficiency, and affordability – caters perfectly to today’s prospective home buyers, and we look forward to seeing the finished product.

This deal brings our total funding commitment for 2020 to approximately £30m, and we are sitting on a strong pipeline for the balance of the year. We will continue to go the extra mile to help SME developers fund their projects by offering an attractive one-stop funding solution.”

Ends

Notes to the editors

About Hilltop Credit Partners
Hilltop Credit Partners is a West End-based specialist end-to-end funding partner especially for small and mid-sized residential property developers.

With a proven track record in property development, asset management and financial structuring, Hilltop Credit Partners provides a one-stop funding solution for up to 90% loan to cost, with loans ranging from £3 million to £40million.

Hilltop Credit Partners Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority. It is also backed by Round Hill Capital, a leading global real estate investment firm with a focus on macro-driven residential real estate investment strategies.

Follow us at Hilltop Credit Partners here: https://www.linkedin.com/company/hilltopcreditpartners/
Read our market insights here: https://www.hilltopcreditpartners.com/insight/
For more information, please visit Hilltop Credit Partners at: www.hilltopcreditpartners.com

FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Golding
Head of Marketing
andy@hilltopcreditpartners.com
+44 (0) 203 903 6369

About Talo Homes
Talo Homes are a South-West-based property development company delivering offsite manufactured eco-homes. The homes are sustainable, high-quality, low carbon homes. Established to provide “Eco-Friendly Housing For Everyone”, we believe that all new homes should be high-quality and energy-efficient.

The company has six sites across the South West and is actively seeking new opportunities. Talo Homes is well positioned to deliver 150 homes a year in the region from 2021.

Talo was established in 2017 by Jamie MacDonald-Murray, whose entrepreneurial career spans two decades. Over that period, he has developed and grown several successful businesses operating across leisure, property and green energy.

For more information, please visit Talo Homes at: www.talohomes.com

FOR FURTHER INFORMATION, PLEASE CONTACT:
Naomi Giddy
naomi@talohomes.com
+44 (0) 1271 452250

Source: RealWire

error: Content is protected !!