Hurstwood secures £18m loan for resi schemes

Finance from OakNorth will be provided to the Manchester-based developer to deliver two Lancashire projects and a third in Cheshire.

The money, to be provided across two facilities, will be used to build 75 new houses, across three separate residential schemes: in Barnoldswick and Rossendale in Lancashire, and a third in Tarporley, Cheshire.

According to the developer the Barnoldswick scheme, Cotton Meadows, will be delivered under the company’s Hurstwood Homes banner while the Tarporley scheme, Beeston Park, will be the first for its ‘high end’ residential company, Tabley Homes.

OakNorth’s previously provided £5.5m to Hurstwood in October 2020, to develop Newchurch Meadows, comprising  30 new homes across a 2.5-acre site in Rossendale.

Sam Ashworth, project director of Hurstwood Holdings, said: “Having now worked closely with OakNorth on previous transactions, we knew Chris and his team would be the ideal funding partner, given their expert knowledge of the region’s residential property market and their ability to create a truly bespoke funding package.

“With flexible working now the norm, coupled with the popular locations of both schemes in close proximity to major hubs such as Manchester and Preston, we expect demand for the units to be high.”

Chris Swarbrick, senior director of property finance at OakNorth, added: “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.”