A SHOWPIECE property which has lain unfinished for over two years is now set to be completed, thanks to bridging finance from GB Bank.
The Teesside-based bank is providing a funding package to experienced property developers Dale and Jo Robinson to finish building the final property on a luxury housing development set in Northumberland.
Dale and Jo had originally gained the planning for the single property as part of an overall planning approval for the whole of the scheme which was created by a local developer. They subsequently sold their land with planning approval to another local developer to receive payment once the completed property had been sold.
However, this home was only partly completed before work was stopped in 2021, leaving it the only unfinished house on the development.
Wishing to finish the five bedroomed luxury property, Dale and Jo approached GB Bank for bridging refurbishment finance via their broker, Steve Toole from NMS.
GB Bank Relationship Manager Matt Gray was quick to offer the bank’s assistance, putting in place the necessary funds and ensuring the house could finally be completed. Work on the home started in August this year and it is expected to be finished early next year.
Rob Lankey, Chief Operating Officer at GB Bank, said: “We’re delighted to have been able to help Dale and Jo with financing the completion of this house, which will mean that the development will soon be complete.
“Our flexible approach to funding is vital in situations like these where the situation can change and we know how much that is appreciated by experienced developers like Dale and Jo.
“Not only will this mean that the estate in Mitford will finally be finished, which is great news for Dale, Jo and the neighbouring residents, but it also means work for local building contractors and the use of local materials.
“We look forward to helping many other developers and investors with their property projects right across the country.”
Dale Robinson said: “We have been really impressed by the flexibility which GB Bank has shown to get this funding deal done.
“It is fair to say that without their flexibility in this case the progress on this property might never have happened.”
GB Bank was granted a full banking licence in August 2022.
It is a bank with a purpose – committed to supporting property developers with financial solutions throughout their development lifecycle.
GB Bank uses regional knowledge and passion to regenerate and build communities, boosting economic growth in regions across the UK that need it most.
Savers also benefit as the bank offers a range of fixed-term saving products with competitive rates.