United Trust Bank (UTB) is providing £10.7m in acquisition and development finance to support two Surrey developments by Rushmon Homes with a combined GDV of £16.5m.
Rushmon Homes is a long-established regional housebuilder with an outstanding track record of delivering quality homes across the county. Most of their developments are built on brownfield and recycled sites and 2025 marks their 50th year of building beautiful homes which are better for the environment and help to inspire local regeneration.
Rushmon Homes recently secured sales on all the apartments of another stunning scheme funded by UTB. Hurley House in Cobham, Surrey comprised 5 luxurious, high specification apartments in a new Georgian style building offering spacious 2 and 3-bedroom, 2 reception room accommodation. Such was the size and quality of the apartments that off-plan sales were quickly achieved at prices between £1.47m and £1.75m.
With the first of the two new developments, Rushmon Homes will create 18 two-bedroom apartments in two separate three-storey blocks, on the footprint of a demolished house and chalet. The development has a GDV of approximately £8.8m.
The second will see the creation of 5 new 4-bedroom detached houses plus a pair of 3-bedroom semi-detached houses with a GDV of around £7.7m.
UTB’s £10.7m facility will support both residential developments, covering site acquisition costs, construction expenditure, and associated transaction costs with the loan representing around 65% LTGDV. Rushmon Homes have established a strong relationship with UTB, which is now funding four of their developments in various stages of progress.
Funding Summary
• GDV: £16.5m combined
• Loan amount: £10.7m combined
• Loan type: Acquisition & Development Finance
• Term: 20 months
• LTGDV: 65%
Edward Weekes, Associate Director – Property Development, United Trust Bank, commented: “We really enjoy working with experienced housebuilders like Steve and the team at Rushmon Homes. They are a valued regular customer, and we are delighted to be supporting two more of their high-quality developments. Our strong relationship is based on experience and trust and this combined with Rushmon’s deep understanding of their market enabled us to quickly offer a funding package that met their requirements and allowed them to seize the opportunities and get these exciting projects underway. We look forward to supporting many more Rushmon Homes developments in years to come.”
Steve Ratcliffe, Director of Rushmon Homes, commented: “UTB have become a trusted partner and good friend of Rushmon Homes over the last few years. Ed and the UTB Property Development team always provide excellent support and service from the initial proposal to finishing the build and exiting the deal. They understand our business and the way we like to work and trust us to deliver outstanding homes and successful schemes.”
