Secure Trust Bank (STB) real estate finance has delivered a £3.9 million residential development loan to restore a Grade II listed property in Surrey and build additional homes within the same complex.
The Harps Oak Lane scheme, developed by Paarl Homes, will become a gated collection of 10 family homes. The project brings a site that has stood unused for several years back into residential use and aims to improve the surrounding area. The development will include two four-bedroom and eight three-bedroom houses.
The loan is structured over a 24-month term with a 12 to 15-month build period and a loan-to-gross development value of up to 65%. Practical completion is expected by October 2026.
To give the developer greater flexibility, the facility includes a 12-month post-completion period to exit through property sales. The structure also allows Paarl Homes to retain the homes as rental assets under an investment loan if required.
Key features of the scheme include:
10 family homes within a secured and gated development.
Four timber-frame new builds for faster construction.
Six homes created through the restoration of 16th and 17th century buildings.
Floor areas ranging from 905 to 2,256 square feet.
Four of the properties will be newly built using timber frames, reducing construction times. The remaining six homes will be delivered through the careful restoration of existing historic buildings, following guidance from the local council’s conservation officer.
The new-build homes are designed to be energy efficient, achieving Energy Performance Certification ratings between A and B. All properties will be covered by a 10-year new-build warranty for latent defects.
James Taylor, director at Paarl Homes, said: “Secure Trust Bank has always offered a flexible approach.” He added: “The team understands the complexity of restoring listed buildings and tailored their loan to account for this, allowing the time needed to deliver a high-quality collection of properties.”
The latest project follows Paarl Homes achieving record sale prices for two luxury homes in Tadworth that were also funded by the bank.
John O’Leary, senior relationship director at STB real estate finance, said: “Working with James is always a pleasure.” He continued: “The homes he builds are of the highest quality, which is reflected in the prices they achieve on the market. We look forward to collaborating with Paarl Homes again in the future.”
Professional advisers supported the transaction, including Clarke Willmott Solicitors, led by Clare Gregory, Anderson Wilde & Harris, led by Paul Tebbutt, which carried out the valuation, and Martyn Lorimer of Cluttons, who acted as independent monitoring surveyor.
