Hodge provides £1.49m development finance facility to support the development of five new four bed family homes in Mapperley, Nottingham
The Hodge Commercial Lending team was delighted to support property developer client Rowe Construction, providing a £1.49m development finance facility to enable the development of five new detached four-bedroom family homes in Mapperley, Northeast Nottingham.
Rowe Construction contributed the land and is developing the high quality newbuilds complete with integral garages, as a self-procured build. The development didn’t come without its initial challenges particularly delays as a result of additional ground investigation work, but the developer worked closely with Hodge to navigate the issues successfully to ensure the development could proceed as planned.
The new build development will benefit the local area by creating much needed family homes in Mapperley. With its close proximity to Nottingham city centre, good schools, and an excellent high street, Mapperley is one of the most popular Nottingham suburbs and a highly sought after residential area.
David Hales, senior development finance manager at Hodge said:
“It was great to finally support Rowe Construction on what has been a long journey from our first meeting to the first loan drawdown, with various delays along the way due to ground investigations. The site is now progressing at speed with the first two properties roofed complete with integrated solar panels and the remaining three properties following closely behind with foundations already dug out and poured.”
Richard Rowe of Rowe Construction added:
“It has been great to work with Hodge on this exciting project, and we are pleased to be able to commence construction on these thermally efficient ‘eco houses’ that include solar energy and battery storage. Hodge is a good partner, particularly in these challenging times, and we look forward to completion of the properties in a speedy and efficient manner.”
To find out how Hodge could help you or your clients with your property development or investment goals, please get in touch with our experienced team – [email protected] or [email protected].