OakNorth provide £18m to developers to build three residential schemes

Sunday, March 10, 2024 By Aaron Strutt

OakNorth the neobank for entrepreneurs has provided a £18m loan to leading privately owned and managed property investment and development company, Hurstwood Holdings.

Hurstwood’s specialist in-house team provides a full range of professional services, including asset management and development, lettings, and investment, that allows the firm to react quickly and effectively when making key decisions. Headquartered in Manchester, Hurstwood’s AUM now totals over £300m, including office, industrial, leisure, and residential properties that are home to over 1000 tenants, all over the UK.

The £18m loan from OakNorth, provided over two separate facilities, will be used to develop 75 new houses, across three separate residential schemes situated in Barnoldswick and Rossendale in Lancashire and a third in Tarporley, Cheshire. The sites all benefit from being in highly sought-after locations, with the Barnoldswick development situated near the Forest of Bowland and the major cities of Manchester and Leeds; the Rossendale shceme is in the heart of the Rbble Valley and the Tarporley site is only a short drive away from Chester and Crewe, which offer regular trains into Manchester and to Manchester Airport.  

The Barnoldswick scheme, known as Cotton Meadows will be delivered under the company’s Hurstwood Homes banner while the Tarporley scheme, Beeston Park, will be the first development for our high end residenital company, Tabley Homes.  This latest transaction follows OakNorth’s previous £5.5m transaction with Hurstwood in October 2020, which was used to develop Newchurch Meadows; a luxury residential scheme comprising  30 new homes across a 2.5-acre site in Rossendale, Lancashire.

A spokesperson for OakNorth said: "The transaction represented another perfect opportunity for OakNorth to support a high-quality repeat customer. Hurstwood is a long-established and well-respected property investor and developer both in the North West and nationally, with its management team boasting over 30 years of experience in the market.

"The schemes in Barnoldswick and Tarporley are set to meet the diverse needs of modern living, whether it be for young professionals looking to step onto the housing ladder or for growing families in need of more space. We’re delighted to once again support Hurstwood and look forward to supporting them on future schemes."

Call Trinity Specialist Finance to secure funding for a development and get a full assessment of the specialist market on 020 7016 6151 or book a consultation 

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