Work begins on bespoke Barton housing development’s final phase following latest funding deal
Bespoke housing developer Charworth Homes has started construction on the third and final phase of its Frederick Fields scheme in Barton-upon-Humber after agreeing an £850,000 funding deal with SME funding specialist One Stop Business Finance.
The development on Marsh Lane in the town represents a total investment of £2.1m and is the largest to date by family-run Charworth Homes, who specialise in small scale, unique housing projects built to a high specification. This latest development funding deal with One Stop Business Finance will allow Charworth Homes to complete the new homes at Frederick Fields by November and enable it to plan ahead with the progression of a number of other housing schemes.
Properties in the first two phases, which included the renovation of a period cottage, have already sold and the Scunthorpe-based company has experienced strong interest in the final six detached homes with five sold off plan. Charworth Homes chose the site, which was previously a bicycle factory, with a vision to transform it into a collection of high quality bespoke homes that are ideally suited to Barton’s thriving property market, fuelled by its historic character and proximity to the Humber Bridge for access to Hull, as well as major routes to Scunthorpe, Lincoln and Grimsby.
Clare Pearson, director of Charworth Homes said: “We’re delighted to have agreed this final funding element for our Fredericks Fields development and push ahead with construction, especially given the delays we’ve faced during 2020 as a result of the Covid-19 pandemic restrictions. One Stop Business Finance have been a really supportive finance partner who have been instrumental in helping us to bring this development to fruition, as they have with previous projects, and we look forward to working with them again in future.”
Andrew Mackenzie, MD of One Stop Business Finance added: “Charworth Homes are building an excellent reputation for bespoke homes that benefit from the personal touch of Clare and co-director James throughout the build and sales process, and that is clear to see in all the properties they’ve completed to date.
“We’re extremely pleased to have been able to help them by providing them with a flexible facility to access the funds they need when they need them in a way that most mainstream banks are unable to facilitate.
Our thanks also to Ben Slack at Clarion Solicitors who undertook the legal work on this deal.”
East Yorkshire based One Stop Business Finance has extensive experience of financing building development projects, providing secured loans from its own funding and through its network of finance providers for SME clients who are able to offer security for their debts. The company differs from mainstream banks by working to find tailored solutions for an SME’s particular circumstances, taking clients through a process to identify the most suitable and cost effective options and ensuring that responsible lending is at the heart of what they do.