Refinance follows completion of a 51 unit residential apartment block and retail units
Aldermore Bank has assisted McIver Homes Limited, with a £6.1m term loan to refinance a development based on Hume Street in Newcastle.
The development comprises of 51 residential apartments and two small commercial units. Situated on the north bank of the Ouseburn Valley, just a mile east of Newcastle city centre, the completed development has accommodation over two blocks, with excellent transport links. The development also has a car park for residents. The developers intention was ‘build to rent’ and to retain the completed development within his investment portfolio.
Aldermore initially provided a development loan facility to acquire the property/land and following the completion of the new build apartment block and successful letting of the property, it has supported a switch onto a long-term investment loan.
McIver Homes is a developer with over 25 years of experience within the building industry that specialises in building homes in the North East. Aldermore has a longstanding relationship with McIver Homes, with this marking their third deal, cementing an already strong relationship.
Mick Graham, senior lending manager at Aldermore, said:
“It’s been a pleasure working with McIver Homes both through the development phase and now with the facility to hold this quality, well-located asset for the long-term as our client continues to build their portfolio. ‘Develop to hold’ is a key specialism within the real estate team, aimed at building long-term relationships with quality investor-developers.
“McIver Homes have a wealth of experience in property development in the North East and we’re delighted to work on our third deal with the team, to secure the finance they needed and continue to build on our existing relationship with them.”
Jim McIver, director of McIver Homes said:
“This is the third time we have partnered with Aldermore. The development and investment teams at Aldermore clearly understand the sector and my business, working seamlessly together to provide a speedy response and ultimate delivery of the facilities. This has allowed us to continue to fulfil our ambitions with ongoing development projects in the North East. Aldermore have been a great funding partner to work with and we look forward to further strengthening our relationship.”
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