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Residential

32 Houses

Elmstead Green

Go Homes Family

Elmstead Green, Clacton Road, Colchester

A facility was originally agreed to support this well-established Hertfordshire based developer with 100% of the build costs for 32 houses on a 5 acre site in the village of Elmstead Market, Colchester. With the subsequent purchase of an abutting strip of land we were able to fund the construction of another 6 units, making this the largest Go Homes scheme we have funded to date at 38 units.

The finance

£

8.55

m

Development loan

90

Loan-to-cost

58

Loan-to-value

14.60

Gross development value

18

Terms

3

Approval to release of funds

A facility was originally agreed to support this well-established Hertfordshire based developer with 100% of the build costs for 32 houses on a 5 acre site in the village of Elmstead Market, Colchester. With the subsequent purchase of an abutting strip of land we were able to fund the construction of another 6 units, making this the largest Go Homes scheme we have funded to date at 38 units.

We were able to provide 90% of total costs as Go Homes had already purchased the site under a well negotiated option agreement and worked up the planning consent.

The build works were fully complete within 18 months with over 90% of the units sold prior to practical completion at sale prices up to 20% higher than our original aluation which is testament to the quality and popularity of the Go Homes product and demand for family homes in the localities that they operate in.

Our support allowed a relatively high level of costs to be covered, in recognition of the planning gain created by Go Homes. We were able to quickly agree and undertake due diligence for funding of the additional 6 units which allowed the entire scheme to be completed in one phase.

Go Homes often have several schemes under construction at once and we manage the monthly drawdown process effectively by arranging for our monitoring surveyor to visit all of the live schemes on one day and release funds within 24 hours of receipt of each monthly report.

GO Homes have completed a number of successful developments with support from the team at Close Brothers for over 10 years and we have always found them to be extremely reliable and supportive. This working relationship was extended to Elmstead Green in every aspect, which is a development we are very proud of and we know the homeowers are, too.

Oliver Hookway

CEO of Go Homes Family

Finance arranged by

Fergus O'Connell