Hilltop Completes £18.3m Loan for Development
Hilltop Credit Partners has completed an £18.3 million loan to Young Property Group (YPG) to help with the development of 86 residential houses and flats in New Waltham near Grimsby, Lincolnshire.
The project will deliver 86 homes which will all have private outdoor space and parking facilities, as well as 18 flats that will be priced below regional Help to Buy thresholds. The site is made up of 2.5 hectares of agricultural land situated two miles from the centre of Grimsby.
Demand for new-build, quality stock, however, is high, and the development has a waiting list of buyers created from the completion of a nearby pre-sold 160-unit scheme by the same developer.
Grimsby is due to receive £40 million in UK Government funding to help with leisure and retail regeneration projects, while the Northern Powerhouse project is providing gap funding to help strengthen the role of Cleethorpes town centre as a key driver for North East Lincolnshire’s tourist economy.
The project sponsor is a local developer with over 20 years’ experience who has delivered several successful schemes across Northern England. The in-house construction team brings a wealth of local experience including the 160-unit Clee Meadows regeneration project.
Paul Oberschneider, Founder and CEO of Hilltop Credit Partners, said: “This is a large development in a region with decent affordability. The development team has impressive experience in and around the location, including high-volume sales. New Waltham should perform well and follow the success of YPG’s nearby Clee Meadows scheme.”
Ming Yeung of YPG commented: “We have been working towards this project with Hilltop for some time. They have demonstrated a thorough, methodical and patient understanding of the complexities encountered during the planning period, so it’s pleasing to be able to progress with them.”
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