Hilltop Credit Partners completes £18.3m development loan
Hilltop Credit Partners, a specialist funding partner for small to medium (SME) residential developers, has completed a £18.3m loan to Yeung Property Group.
The Lincolnshire-based project will deliver 86 houses with private outdoor space and parking facilities, together with 18 flats priced below regional Help To Buy thresholds.
The local housing market has been active in recent years, though overall prices have remained relatively affordable, with the average price of £161,277 sitting significantly below the national average of £256,000.
Grimsby is set to receive £40m of government funding for leisure and retail regeneration projects, whilst the Northern Powerhouse project is providing gap funding to strengthen the role of Cleethorpes town centre as the key driver of Northeast Lincolnshire’s tourist economy.
Paul Oberschneider, founder and chief executive of Hilltop Credit Partners, said: “This is a large development in a region with decent affordability.
“The development team has impressive experience in and around the location, including high volume sales. New Waltham should perform well and follow the success of YPG’s nearby Clee Meadows scheme.”
Ming Yeung, managing director of YPG, added: “We have been working towards this project with Hilltop for some time.
“They have demonstrated a thorough, methodical and patient understanding of the complexities encountered during the planning period, so it’s pleasing to be able to progress with them.”