United Trust Bank (UTB) has agreed to fund a £7.6m development of new houses near Milton Keynes.
The development in the village of Newton Longville is being completed by housebuilder, James Taylor Homes, in a joint venture with social impact investor, Housing Growth Partnership (HGP).
This scheme comprises 17 three and four-bedroom houses on a low density greenfield site and UTB revealed it is providing £4.6m towards the purchase and development of the scheme.
UTB property development director, Philip Kirkwood, suggested that SME house builders are playing a “vital role” in tackling the UK’s housing shortage.
He commented: “UTB is keen to provide the funding to keep them building, despite the economic uncertainty presented by COVID-19 and Brexit. As such, I’m delighted that we’re supporting this joint venture between James Taylor Homes and HGP.
“It’s particularly pleasing that we were able to progress and complete this facility in the midst of pandemic with all the additional challenges this has brought to all of our businesses.”
James Taylor Group managing director, Emil Sohrab, said: “We are delighted to be embarking on a new relationship with UTB and enhancing our existing relationship with HGP. Our experience so far, from our initial approach to draw down, is that our proposal could not have been dealt with more professionally and efficiently.”
HGP investment director, James Hutchinson, added: “HGP is delighted to deepen its strategic partnership with James Taylor Homes by embarking upon our second project together. We are also pleased to start a new relationship with UTB which is similarly focused on helping SMEs deliver more family homes. Newton Longville is a great example of HGP’s ongoing commitment to helping our partners grow.”
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