A set of nine premium detached homes has been refinanced following a £2.4m residential property investment loan from Secure Trust Bank (STB) Real Estate Finance.
Waterside Grange, owned by Shaw Estate Management, is situated in Polesworth, a village three miles east of Tamworth and 16 miles northeast of Birmingham. Prior to construction of the development, which was completed in August 2024, the site hosted a disused commercial garage and two homes.
So far, six of the nine luxury homes have been let out to new residents, with the developer opting to hold onto the assets for long term rental income, as opposed to selling the homes in a turbulent housing market.
Each four-bed home has been individually designed and finished to a high specification, benefitting from fully integrated appliances throughout, including solar panels and electric vehicle (EV) charging points.
The five-year facility was headed up by Vincent Pang, Relationship Director at Secure Trust Bank, and received drawdown in September 2024, with the deal completed in just over two months from the initial enquiry thanks to a strong working relationship with Andy Shaw, Director of Shaw Estate Management.
On the deal's completion, Andy said: "This is my third time working with Secure Trust Bank, and, given the team's previous experience in delivering transactions that require a tight turnaround, they were simply the go-to for this deal.
"The bank's tailored approach included an on-site visit from Vincent, who travelled to the development to get a better understanding of what exactly was needed to ensure this deal was completed in a successful and timely fashion."
Vincent added: "It was great to work with Andy once again. As experts in property finance, we are pleased to have solved his challenge of being under time pressure from the existing lender to refinance the development.
"The deal's quick completion is testament to the strong working relationship that we have built over the past three years, and we look forward to working with Shaw Estate Management in the future."
Find out more about Secure Trust Bank Real Estate Finance, or visit the Real Estate Finance for property development area.