Close Brothers £6m loan to Lynton Homes for 36 new houses in Colchester

Close Brothers Property Finance is providing a £6m loan to Essex based development company, Lynton Homes, to support the creation of 36 new houses in Boxted Cross, Colchester. The former farm site is being developed to provide family homes in the area which can be purchased via the Governments Help to Buy scheme.

Lynton Homes is an SME housebuilder that creates thoughtfully designed, good quality homes. It builds around 30 units per year and works in conjunction with related groundwork and utilities companies to give them a competitive edge in speed, access to expertise and ability to accurately forecast and deal with the unpredictability of house building.

Kathryn de la Garza, joint owner of Lynton Homes believes Colchester is “one of, if not the fastest growing town in the UK, with a lot of new housing in the town itself and the surrounding villages”. This sentiment is endorsed by recent research from Savills in Chelmsford which found that house prices in Colchester have risen by 31.8% in the past decade (38% in the East of England, which is the highest increase outside London).

The scheme in Boxted Cross is expected to be complete by November 2019 and Lynton Homes has already secured 12 reservations and 2 sales. The houses range from 2 -4 bedrooms and will appeal to young families who are keen to move in straight away.

Daniel Joyce, Director at Close Brothers Property Finance said “The drive and vision of the Lynton Homes management team has fuelled the growth of the schemes. Essex has long been a hot bed for national housebuilders, so it is great to see a privately owned SME developer also thriving in the county”.

This is the 4th scheme in Essex by Lynton Homes that Close Brothers has helped finance and Kathryn is pleased with the ongoing relationship; “The team at Close Brothers has been truly collaborative in its approach which we have found both refreshing and a joy to work with. This combination is especially uncommon in the housebuilding sector which is somewhat hamstrung by its rigidity. And the main stream banking / finance sector is less dynamic than the Close Brothers team when it comes to its approach to smaller house builders.”

Find out more by visiting their website http://lyntonhomes.co.uk/developments/boxted-cross/

Daniel Joyce – Director at Close Brothers Property Finance