London bank provides £5.5m loan for construction of new residential development

A London bank has announced that it is providing funding for a new 30-home development in Lancashire.

OakNorth Bank has completed a £5.5m loan to Manchester privately owned property business, Hurstwood Holdings, which will be developing 30 homes across a 2.5 acre site in Rossendale.

The development will consist of three five-bedroom, 13 four-bedroom and three three-bedroom detached homes, two three-bedroom semi-detached homes, five starter homes and four shared-ownership homes.

Andy Park, managing director of Hurstwood Holdings, commented: “Despite the current economic uncertainty that we all face, Chris and the team at OakNorth Bank were hugely supportive throughout the whole process, responding quickly to any questions and queries we had.

“Having now completed a number of projects in the region, we know what buyers are looking for and thanks to the current stamp duty incentives, we continue to see strong demand.

“Rossendale is one of the most attractive areas of Lancashire, with the new development perfect for first time buyers, growing families and those looking to move out of cities and get more space, as a result of more flexible working from COVID-19.”

Chris Swarbrick, senior director debt finance at OakNorth Bank, added: “Hurstwood is a long established and well-respected property investor and developer in the North West, and more recently, nationally.

“Its management team has over 30 years’ experience in property investment and has been through multiple cycles whilst continuing to grow, so was well-positioned to weather the challenges presented by the pandemic.

“Given the size of its portfolio and how quickly it keeps growing, we’re sure there will be more opportunities to support this dynamic business in the future and look forward to doing so.”