United Trust Bank (UTB) is supporting the construction of a new £13.6m housing development at Lea near Gainsborough by housebuilder Rippon Homes.
The 60-unit development is situated on a 7 acre greenfield site in rural Lincolnshire and once complete will comprise a variety of 2-4 bedroom detached and semi-detached houses and 3-bedroom bungalows.
UTB is providing £9.3m of funding working alongside junior debt funder, The Mezz Lender, to provide additional gearing.
Rippon Homes is a subsidiary of Artisan (UK) plc and has been successfully building in the East Midlands and Yorkshire area for nearly 70 years. With an experienced management team and strong track record they are aiming to deliver around 200 new homes each year across multiple sites. Over 20 of the new homes at Lea have already been reserved.
Ian Dyke, Managing Director of Rippon Homes, commented: “UTB have proved to be a trusted partner in the scheme to deliver much needed family and affordable homes in the area. We are grateful for the assistance and expertise Huw and his team at UTB were able to bring to the scheme.”
Huw Jenkins, Senior Director – Property Development at United Trust Bank, commented: “Rippon Homes has been on our radar for some time because of their excellent reputation for delivering great quality homes. I am delighted therefore that UTB has eventually got the opportunity to work with Ian and his team in creating this exciting development in Lea. UTB is committed to supporting experienced housebuilders and developers through the ups and downs of the economic cycle and is happy to consider working alongside mezzanine lenders to provide additional gearing. The fact that a third of the units are already reserved, demonstrates the quality of Rippon Homes’ products and we look forward to working with them again on future schemes.”
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