Aldermore Bank has provided a £6.4m property development facility to Hayhill Developments to support the first phase of a 75 new build home development scheme in Drongan, East Ayrshire.
The first phase of the development will see the construction of 41 homes, featuring a mix of two, three and four-bedroom properties. The development offers a range of nine different house types, including semi-detached, detached and two small terrace blocks. Located in the village of Drongan, the site benefits from local amenities and convenient access to the wider surrounding area, with the town of Cumnock just ten minutes away.
Hayhill Developments was established in 2016 and are committed to delivering high-quality modern homes across Ayrshire. They were introduced to Aldermore through MAF Finance Group. This project marks Hayhill’s first use of bank funding to support a development.
David Whitehouse, Property Development Manager at Aldermore, said:
“We’re delighted to be backing Hayhill Developments on this exciting new project. As a business rooted in Ayrshire, they bring deep local knowledge and a strong track record of delivering quality homes. It’s a privilege to be their first banking partner and to play a role in enabling their next phase of growth as they continue building much-needed homes in Scotland.”
Iain Gibson, CEO and Managing Director of Hayhill Developments said:
“This funding from Aldermore marks an important milestone for us as we scale up our ambitions. We’ve spent the last nine years building a reputation for delivering affordable, high-quality homes, and this support allows us to keep growing and meeting demand in the communities we know best. We’re grateful to have Aldermore’s backing as we bring this exciting development to life.”
Nick Elder, Director of MAF Finance Group added: “This is a huge step for Hayhill. Its owners have been doing the right things and making strong financial investments and decisions throughout its existence. Through discussion and understanding Hayhills long term goals, we helped form a strategy in conjunction with Aldermore to support their growth plans, whilst also helping to deliver much needed, high-quality homes in Scotland.”
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