The developer and investor secured the project finance loan from OakNorth Bank to help it deliver 30 homes on a five-acre rural site in Rossendale.
The capital will be used to develop Hurstwood’s Newchurch Meadows scheme, which sits off Johnny Barn Close in Newchurch and has planning consent from Lancashire County Council.
The homes are planned to be a mix of luxury and affordable units, comprising three-, four- and five-bedroom detached, semi-detached and mews houses, to be built on 2.5 acres of the plot with the rest comprising landscaping. The units have been designed by architecture studio Baldwin Design Consultancy.
Manchester city centre is around a 30-minute drive away, and the Lancashire towns of Bury, Blackburn and Burnley are within 20 minutes away from the site.
Hurstwood has begun construction of the scheme and is eyeing completion in 2021.
Andy Park, managing director of Hurstwood Holdings, said: “Having now completed a number of projects in the region, we know what buyers are looking for and thanks to the current stamp duty incentives, we continue to see strong demand.
“Rossendale is one of the most attractive areas of Lancashire, with the new development perfect for first-time buyers, growing families and those looking to move out of cities and get more space, as a result of flexible working amid Covid-19.”
Chris Swarbrick, senior director of debt finance at OakNorth Bank, added: “Hurstwood is a long established and respected property investor and developer in the North West, and more recently, nationally.
“Its management team has over 30 years’ experience in the property investment and has been through multiple cycles whilst continuing to grow, so was well-positioned to weather the challenges presented by the pandemic.
“Given the size of its portfolio and how quickly it keeps growing, we’re sure there will be more opportunities to support this dynamic business in the future.”
Hurstwood Holdings has more than £160m of assets in its national portfolio and earlier this month bought a 4,000 sq ft office in Knutsford as its latest acquisition.
OakNorth Bank provides accessible debt finance from £500,000 to £50m to fast-growth businesses and established property developers and investors.