Development finance lender Atelier has announced that it has completed a £15.6m loan, structured at 68% LTV, to support the site acquisition and ground-up construction of 24 new homes in the town of Cheshunt, Hertfordshire.
Structured over a 28-month term, the development will comprise a mix of two to five-bedroom homes, each with a large garden and views of the surrounding Hertfordshire countryside.
Sitting along the commuter belt, the scheme will offer homes for young families and professionals seeking countryside living alongside strong transport links into London.
Raj Hothi, lending director at Atelier, said the loan reflected both the strength of the site and the borrower's track record. "We are pleased to be working with such an experienced developer with a proven track record of delivering high-quality schemes," he said.
"We structured the facility on a peak debt basis and provided a strong Day One advance to support the site acquisition, ensuring the funding reflected both the strength of the opportunity and the borrower's experience."
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