OakNorth Bank, the UK bank powered by OakNorth, has completed a £1.1m loan to Northumberland-based Birchdove Homes Limited, for a residential development located in the affluent market town of Hexham, Northumberland.
The residential development is comprised of six four-bedroom and two five-bedroom homes, ranging from 1,485 sq. ft to 1,915 sq. ft. The surrounding area is characterized by a mixture of residential properties and woodlands, accessible by a private road, and has good access to transport networks such as the A695. The homes are in high demand with three of the eight properties having already been sold and another three reserved.
Commenting on the transaction David Charlton, Director at Birchdove Homes Limited, said: “In light of COVID-19 and flexible work, we’ve seen increased demand for more rural homes that provide families with additional indoor and outdoor space and amenities, while still being close to the city. The fact that six of the eight properties have either been sold or reserved is a clear demonstration that this is a highly sought-after area. It’s been great working with Gareth and the rest of the Manchester team at OakNorth Bank – they were quick, responsive and transparent.”
Gareth Bennett, Associate Director of Debt Finance at OakNorth Bank, said: “With three of the eight homes already sold and another three reserved, it’s evident that Birchdove has found a recipe for success. It’s been a pleasure working with the team who have over 12 years of residential development experience in Northumberland. I look forward to further building on this relationship and assisting the team with future developments.”