Irwin Grove is a small, exclusive development of quality, energy efficient family homes in a popular area of Basingstoke, by Bourne Homes.
Gross development value
Approval to release of funds
Close Brothers were able to provide a facility to cover 100% of the total project costs and also provide Bourne Homes with the ability to drawdown an additional £90k towards further site acquisitions, with an initial 21 month loan term approved. The additional support was achieved by taking support security over an unencumbered investment property.
Approval was sought at Credit Committee on 13th February 2019, with the initial facility to fund the site purchase completing just 4 weeks later. The site initially had ‘Planning in Principle’ for 9 houses, with our client subsequently obtaining detailed consent for 4 x 3 bed and 3 x 2 bed houses, together with 2 x 1 bed apartments. Works have been completed to programme and budget and the properties released to the market in March 2021.
Bourne Homes place particular emphasis in making their homes energy efficient. The homes at Irwin Grove will all have reduced water usage, improved carbon emissions, high levels of insulation, together with lower utility bills. Help to Buy is also available at this site.
Bourne Homes launched Irwin Grove online and within minutes the phone was ringing. Within two days the launch was full with eager buyers. This necessitated us to add another launch afternoon so as not to disappoint the many buyers!