Work is under way on a bespoke new housing development by Hull-based Hammond Homes in the North Lincolnshire village of Barnetby le Wold after a £750,000 deal was secured with SME funding specialist One Stop Business Finance.
The King’s Park development is the fourth scheme by Hammond Homes and will see the construction of nine detached and semi-detached three-bedroomed bungalows within a gated cul-de-sac on Windsor Way. Previous developments by the award-winning, family owned and managed company at sites in Grimsby and Barton-upon-Humber sold strongly, and directors Nick and Debbie Hammond are aiming to repeat this success with King’s Park in its more rural setting.
Key to bringing this latest scheme to fruition was a funding deal agreed with East Yorkshire-based One Stop Business Finance. It has supported Hammond Homes on all four of its projects since the company was established in 2017, providing the development finance that is particularly important in the early stages of development for land purchase and for construction work to start, that most mainstream banks are unable to provide.
Debbie Hammond, Director of Hammond Homes said: “We’re thrilled to be able to get the ball rolling on our latest new homes development at Barnetby, which we anticipate being sold off-plan given the popularity of the village location and unique designs that include exposed oak features. One Stop Business Finance have played a key role in making King’s Park a reality, and they continue to provide us with the support we need to grow our brand and become an established housing developer in the Lincolnshire and North Lincolnshire regions.”
The properties available at King’s Park are expected to be popular amongst buyers who are retired or approaching retirement, as well as those who are seeking new homes with better accessibility to accommodate their disability. Here Hammond Homes is able to provide flexibility in the internal design to incorporate features such as wet rooms, as well as lowering units and fittings for wheelchair users. The first homes are due for completion by next June, with the development fully finished by December 2021.
Andrew Mackenzie, MD of One Stop Business Finance added: “It’s fantastic to see another excellent scheme under way by Hammond Homes and to see their continued growth. We’re delighted to have been able to support them by arranging the funding that is crucial to development schemes like King’s Park but so difficult to access from most mainstream banks. We’d also like to thank the team at Clarion Solicitors led by Ben Slack who undertook the legal work on this latest deal.”
East Yorkshire based One Stop Business Finance is highly experienced in financing development projects, providing secured loans from its own funding and through its network of finance providers for SME clients who are able to offer security for their debts. The company differs from mainstream banks by working to find tailored solutions for an SME’s particular circumstances, taking clients through a process to identify the most suitable and cost effective options and ensuring that responsible lending is at the heart of what they do.
