Skip to main content
Back to financed projects

Residential

48 Houses

Garrett Manor

Eccleston Homes

Garrett Manor, Mosley Common, Greater Manchester

Kevin Marren, Managing Director of Eccleston Homes is an established and experienced North West based developer. In July 2017 a facility of £3.8m was approved to support Eccleston Homes with the development of 29 houses (19 private and 10 affordable) in Mosley Common. The site had the benefit from outline planning consent for the construction of 48 residential dwellings, to be built in two phases. Our initial loan provided funding for Phase I. The loan was subsequently increased to £6.1m to fund the development of Phase II, a further 19 houses, 2 of which are affordable.

The finance

£

6.12

m

Development loan

78

Loan-to-cost

59

Loan-to-value

10.42

Gross development value

21

Terms

Close Brothers’ level of support represents 78% of costs with build costs equating to £104 per square foot. Our facility was utilised to fund 100% of the build costs and included an allowance for interest, with the balance of funds being used to reimburse an element of the purchase of the site.

The initial facility completed in September 2017, 8 weeks after the loan was approved at Credit Committee and the first build payment was made on completion. Monthly drawdowns are processed within 24 hours of receiving the report from our Project Monitoring Surveyor which is essential in helping Eccleston build so quickly. Our flexible approach in allowing the retention of sale proceeds has also assisted Eccleston in acquiring other sites for development.

The works are now complete, most houses have sold and our loan has been repaid.

We have such a good relationship, I know what parameters they work in so as long as I can make our developments add up I know the funding is there. It’s obviously subject to credit but I’m confident that if my figures work they will fund us.

Kevin Marren

Eccleston Homes

Finance arranged by

Daniel Joyce