McIver Homes secures £3m development finance facility from Aldermore to expand its private rental portfolio

POSTED: 26th March 2019
IN: Newsroom

McIver Homes has secured a £3m property development facility from Aldermore, the specialist bank, for a new residential project in Newcastle Upon Tyne.

McIver Homes, a developer based in the North East of England, aims to build 30-50 high quality affordable homes a year. The firm boasts a strong and qualified work force which has enabled them to secure long term frameworks with local authorities based on quality and performance. McIver Homes plans to have completed 500 homes by 2025 and came second in the Fastest 50 awards for growing SME companies in the North East in 2017.

The scheme consists of 16 three bed semi-detached houses and 21 two bed apartments. The properties will be built using block and brickwork with tiled roofs, in keeping with the traditional design of the surrounding neighbourhood area. Parking for the residents will also be provided, allowing for at least one vehicle per household and overflow spaces for visitors. The Gross Development Value (GDV) for the site amounts to £5.1million.

Gurgit Basi, Property Development Manager at Aldermore, said: “At Aldermore, we are committed to supporting companies who have ambitious plans and the experience to deliver them. Across the UK there is a shortage of housing, especially affordable housing to both rent and buy, and McIver Homes is seeking to address part of that shortage. The team has a depth of experience in the sector, they employ local people, invest in local communities, and deliver a great product.

“With even more ambitious projects in the pipeline, we look forward to developing our relationship with James and the team and giving them the security to deliver on those ambitions.”

James McIver, founder of McIver Homes, said: “From the start of our application we were guided and supported fully by the Aldermore team. They had extensive knowledge in this field and we found that along with their overall positive approach they were invaluable in helping us through each step of the finance route and to achieving our end goals.

“As we look to the future and hopefully grow and build on what we have achieved so far, we will look to Aldermore Bank as our first choice for new build development finance, as they understand the barriers which SME companies face finding finance to develop housing sites. Using Aldermore allows us to support our local supply chains, employ, and train more local people to build much needed quality homes in areas where there is a shortage.”


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