Hampshire Trust Bank’s Property Finance division has provided a £1.6m finance facility to Tealby Commercial to refinance an existing loan and construct 15 homes in Hull.
The facility will finance phase 1 of the project, which comprises of three two-bedroomed and 12 three-bedroomed homes. In total, when completed the development will comprise of 25 properties.
This is the third time Hampshire Trust Bank and Tealby Commercial have worked together on a scheme. Tealby Commercial has also placed specialist mortgages business with the bank.
Khush Nagra, Director at Tealby Commercial, said:
It’s refreshing that there are banks out there such as Hampshire Trust Bank that are lending in cases where the main High Street banks aren’t. We are excited about this project, which will provide much-needed housing in Hull.
Hampshire Trust Bank has a dedicated team based in the North of England and is due to open an office in Leeds in the next couple of months.
Neil Leitch, Regional Director at Hampshire Trust Bank, said: “We are focused on building lasting long-term relationships with our customers, with half of all business being repeat business. We are delighted to be working with Tealby Commercial again and look forward to future opportunities.
“At Hampshire Trust Bank, we support SME housebuilders right across the country. Myself and my team are focused on providing on the ground support in the North of England and are keen to work with experienced developers on projects such as this that we believe enhance the local area.”