Matthew Cleave, a senior advisor of the commercial and development team at Arc & Co. recently closed a £13.75m loan on behalf of his client Barry Howard Homes. An active developer in the East Midlands market for many years, Barry Howard Homes’ latest scheme is an 11 acre site formerly used as allotments. The prime location which is close to Northampton city centre has now been secured for the development of 139 homes. The immediate surrounding area has already been developed due to the overwhelming demand for new homes in Northampton.
Matthew explains “We have arranged a syndicated peak debt facility to meet the costs of the scheme in line with the proposed phasing by the client. This allows the client to control costs throughout the term of two and a half years.”
See below for the details:
Deal description: Peak debt facility on a syndicated basis for a phased development of 139 houses
Loan: GBP £13.75m
Blended Rate: 9% per annum
Term: 30 months