Stonewood Builders, which specialises in high specification refurbishment, conversion and new build projects, is continuing with its plans for growth after securing funds to build 38 new homes in Wiltshire.
Castle Combe-based Stonewood will commence building the two-, three-, four-, and five-bed houses – including 10 affordable homes – on acquired land in Great Somerford near Chippenham.
Finance for the development is being provided by Stonewood, the Housing Growth Partnership (HGP) – a social impact equity investor backed by Lloyds Bank and Homes England – and a development loan from Close Brothers Property Finance. The funding was raised through the business’ recently created subsidiary company, Stonewood Partnerships.
Finance director at Stonewoood Partnerships, Adam Marks, together with head of development and partnerships Gavin Calthrop and Stonewood’s group commercial director Ben Lang, received legal advice from Thrings partners John Richardson (corporate), Michael Chilton (construction) and Mike Tomlin (banking).
Work included reviewing the Development Management Agreement, preparing the schedule of amendments to the JCT Design and Build Contract, reviewing the joint venture partnership between Stonewood and HGP, settling shareholder loan documentation and assessing the loan and security terms set by Close Brothers Property Finance.
Ben Lang said: “Our new build developments are an exciting part of Stonewood’s continued growth and, having acquired this site, we are looking forward to working with our funding partners to deliver a high-quality scheme. We had a challenging deadline to meet and Thrings worked with us really effectively to get the deal done.”