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£2.2m Residential Development Loan for innovative modular homes in Leicestershire

29 Nov 2022
£2.2m Residential Development Loan for innovative modular homes in Leicestershire

The construction of 7 high-quality modular detached homes by the developer, Spacecom Limited, will go ahead after a property finance deal was agreed upon. 

Located in the desirable village of Bagworth, Leicestershire, the £2.2 million of funding permitted the green light for the purchase of land and subsequent development of new homes.

The site currently includes several disused farm buildings that will be demolished to make way for the new, innovative 4 and 5-bed homes, due for completion by March 2023.

These architecturally distinct homes use the very latest in building technologies while taking considerably less time to erect than traditional brick-and-mortar new-build homes, providing both NHBC build warranty and BOPAS accreditation. This enables the developer to bring to the market high-specification and competitively priced, sustainably established houses.

Arek, the Director of Spacecom commented on their latest plans: “Our houses are designed to meet the needs of tomorrow’s discerning homeowners, with energy efficiency built in through both air-source heating and solar power; including a range of luxury features such as a home cinema included as standard. We are able to provide new homes with zero defects, so the days of a “snagging list” should quickly become a thing of the past.

Andrew Mackenzie, Group Managing Director of One Stop Business Finance added: “The current economic challenges have created some uncertainty in the funding of propositions such as this, but One Stop Business Finance is a thorough economic cycle funder, as proved during the Coronavirus pandemic. We are keen to consider lending deals that are both secured and responsible, which other lenders will not support.

Furthermore, with the support of our friends at Gosschalks and the proactive management of Mark Lodge, one of our introducers, we were able to complete the transaction in just two weeks.

We are certainly excited to see what the finished homes look like as we enter the warmer climes of Spring. 

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