£21m loan from OakNorth to build new homes at historic Bangour Village

Monday, March 18, 2024 By Aaron Strutt

OakNorth - the neobank for entrepreneurs by entrepreneurs, has provided a £21m loan to Ambassador Group, the privately owned, highly experienced Scottish-based property and investment company.

Founded in 2011, the group consists of three divisions, Development, Investment and Advisory, and has advised on over £2b of UK real estate transactions to date, with a development pipeline of over 2.5k homes.

OakNorth will have liked Ambassador Group's successful track-record across all aspects of real estate investment, development and management; and it being a well-respected as an innovative and trusted operating partner committed to adding value through an entrepreneurial and forward-thinking approach.

• The £21m loan from OakNorth will be used to develop over 70 new homes at its historic Bangour Village site in West Lothian, as well as support ongoing infrastructure works.
• The deal follows OakNorth’s expansion into Scotland with the opening of its new Glasgow office in summer last year to boost lending into Scottish SMEs.

The £21m loan from OakNorth will be used to develop over 70 new homes at Ambassador Group’s latest site located at the historic Bangour Village in West Lothian, as well as support ongoing infrastructure works. The units include 51 detached and semi-detached homes and 23 flats, that will offer residents extensive green spaces, as well as EV charging points as part of the group’s wider sustainability commitment.

The OakNorth funded homes will be part of the wider Bangour Village Estate, a 215-acre site that is set to consist of 998 homes, a primary school and nursery, café/restaurant, as well as transport links to both Edinburgh and Glasgow.

Fraser McPhail, Senior Director of Debt Finance at OakNorth, added: “The Ambassador Group is a perfect example of the innovation and entrepreneurialism that’s on show within the UK’s real estate sector. The firm’s successful track record for delivering homes that are thoughtfully designed, energy efficient and have an industry leading specification speaks for itself and we’re thrilled to support its unique and iconic Bangour Village development.

Scotland is an integral part of OakNorth’s growth strategy, and the lender will continue to see a strong opportunity from businesses in the region looking to pursue their growth ambitions. 

Source: OakNorth

Call Trinity Specialist Finance to secure funding for a development on 020 7016 6151 or book a consultation 

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