- Funds advised by Hilltop Credit Partners Limited (“Hilltop”) have provided three pre-development bridging loans totalling £7.25m to developers in Bolton (Greater Manchester), Kingston upon Hull (Yorkshire), and Glasgow (Scotland).
- Funds will be used to refinance existing loans on three brownfield sites and to prepare for the development of 444 residential units.
- Hilltop continues to actively pursue opportunities in the UK bridging market (from c. £3m – £25m+) and to date has provided approximately £100m in development and bridging loan commitments to SME developers across the UK.
London, 22 November 2021: Funds advised by Hilltop Credit Partners, a specialist funding partner for SME residential developers, have completed £7.25m in pre-development bridging loans across the North of England and Scotland.
Adam Ware, Head of Origination at Hilltop Credit Partners, commented:
“Hilltop is pleased to have completed these three pre-development bridging loans to help experienced regional housing developers secure development sites and prepare to deliver over 400 new homes into the North of England and Scotland – markets which are exhibiting some of the strongest residential supply / demand fundamentals at present.”
Of the funds, £4.2m was provided to INC L&P Limited to re-finance a 24-acre brownfield site in Bolton, Greater Manchester, which has experienced a resurgence as a logistics and distribution hub in the North of England but has failed to meet housing supply targets for the past 5 years. The developer intends to build 250 houses on the site, which lies within Greater Manchester’s “Places for Everyone” masterplan, which aims to deliver 165,000 new homes over the next 16 years.
Jamil Akhundov, Managing Partner, Ploutos Associates Ltd, financial consultant said:
“It has been a great pleasure working on this challenging project with Hilltop and we value highly their professional approach and high level of service. They were always taking a partnership approach in order to deliver best possible result for all stakeholders.”
Another £2.3m was provided to Swan Real Estate PLC to re-finance a 9-acre brownfield site in Glasgow, Scotland, which is home to over 48,000 businesses, with a growing reputation as a global business destination for life sciences, sustainability, engineering and finance. Swan Group intends to develop the scheme on a turn-key for a mid-market housing provider.
Phil McGinlay of Swan Group commented of the partnership with Hilltop:
“Since launch, Swan has recognised the opportunity to bring a progressive, flexible approach to the UK real estate market through specialising in the affordable housing sector. There was an instant affinity with Hilltop’s approach to funding and we’re already exploring additional projects with them.”
And the remaining £0.7m was provided to Continental Gold Limited to purchase a development site in Kingston upon Hull, which is fast becoming a UK leader in renewable energy, with 4 of 5 North Sea wind zones lying within close proximity. The developer intends to convert a 1980s office block into 31 private residential units split across 2 conjoined buildings on the former location of the Hull Brewery Company.
Ends
Notes to the editors
About Hilltop Credit Partners
Hilltop Credit Partners is a London-based specialist end-to-end funding partner for small and mid-sized residential property developers across the UK.
With a proven track record in property development, asset management and financial structuring, Hilltop is funding the future of housing, with a one-stop funding solution covering the entire development lifecycle.
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For more information, please visit Hilltop Credit Partners at www.hilltopcreditpartners.com
FOR FURTHER INFORMATION, PLEASE CONTACT:
Hayley Cronin
hayley@hilltopcreditpartners.com
+44 (0) 203 903 6369
For media queries, press@hilltopcreditpartners.com
Source: RealWire