United Trust Bank (UTB) has announced it is supporting the construction of a new £13.6m housing development at Lea near Gainsborough by house builder, Rippon Homes.
The 60-unit development will comprise of a variety of two to four bedroom detached and semi-detached houses, and three-bedroom bungalows.
UTB is providing £9.3m of funding working alongside junior debt funder, The Mezz Lender, to provide additional gearing.
Rippon Homes is a subsidiary of Artisan (UK) plc and has been building in the East Midlands and Yorkshire area for close to 70 years. The firm is aiming to deliver around 200 new homes each year across multiple sites.
“UTB has proved to be a trusted partner in the scheme to deliver much needed family and affordable homes in the area,” said Rippon Homes managing director, Ian Dyke. “We are grateful for the assistance and expertise Huw and his team at UTB were able to bring to the scheme.”
Senior director – property development at UTB, Huw Jenkins, added: “Rippon Homes has been on our radar for some time because of their excellent reputation for delivering great quality homes.
“I am delighted therefore that UTB has eventually got the opportunity to work with Ian and his team in creating this exciting development in Lea. UTB is committed to supporting experienced housebuilders and developers through the ups and downs of the economic cycle and is happy to consider working alongside mezzanine lenders to provide additional gearing.
“The fact that a third of the units are already reserved, demonstrates the quality of Rippon Homes’ products and we look forward to working with them again on future schemes.”
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