United Trust Bank funds £6.7m development in Cumbria by Genesis Homes
United Trust Bank (UTB) is funding a development of 25 family homes on the edge of the Lake District National Park.
The development, situated in the Cumbrian village of Hackthorpe, is being completed by successful regional housebuilder Genesis Homes in a joint venture with Housing Growth Partnership (HGP). The scheme comprises a mix of 2 to 5 bedroom houses and bungalows. United Trust Bank stepped in to finance the development at short notice when the original lender withdrew their funding offer just before Genesis Homes were due to complete the site acquisition.
Genesis Homes was founded in 2017 and has quickly established a reputation for creating attractive and practical homes built to a simple ‘it just works’ ethos. Their growth and success in the last few years is testament to the high quality homes they build and the effort they put in to choosing the right, well served and connected locations and in understanding what their buyers want. Genesis Homes expect to complete around 150 new homes in 2021.
Genesis Homes approached United Trust Bank’s Huw Jenkins for the £4.16m development loan they required when their original lender withdrew an offer of funding at the onset of the Covid-19 pandemic.
Nicky Gordon, Managing Director of Genesis Homes, commented: “Having our original funding offer pulled as we were about to complete our purchase of the site was far from ideal. Fortunately I was aware that UTB was continuing to lend, despite the added complications and uncertainty surrounding the Covid-19 pandemic. Huw quickly appraised our proposal, liaised with HGP and very soon afterwards confirmed that UTB would provide the funding we needed to acquire and develop the land. Huw’s experience and knowledge of the housebuilding process and the challenges faced by SME developers is second to none and I look forward to this and many more successful developments with UTB and HGP.”
John Mckeon, Investment Director at Housing Growth Partnership, said: “Genesis Homes is an outstanding regional housebuilder and I’m very happy to be working with Nicky and the team on what we’re sure will be another successful development. It is also great to be working with UTB, a lender which shares our commitment to supporting SME housebuilders and helping them to deliver much needed new homes all over the country. Lenders’ mettle has been well and truly tested over the last year and UTB have shown yet again that they’re a reliable and trusted funding partner.”
Huw Jenkins – Director – Property Development, United Trust Bank commented:“Although Genesis Homes is a relatively young company, it’s evident from their success over the last few years that they’re a company with a great reputation and a bright future. At UTB we’re keen to build strong relationships with quality housebuilders, supporting not just one scheme but several and helping them to achieve their long term growth ambitions.
“2020 was a challenging year for most housebuilders and I’m delighted UTB was able to step in at short notice and enable Nicky and the Genesis Homes team to crack on with this excellent new development, delivering high quality homes to families in the North West.”