GB Bank bridging finance helps complete showpiece development
A SHOWPIECE housing development which lay 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 Joanne Robinson to finish building the final home on a luxury housing development in Northumberland.
Dale and Joanne had originally secured the planning permission for the eight-home scheme at Mitford, near Morpeth, and then sold the development opportunity to another local developer.
As part of this sale, the Robinsons retained one of the home plots and agreed to receive payment once the completed house 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.
Wanting to finish the four bedroom house, Dale and Joanne approach 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 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 Joanne with financing the completion of this house, which will mean that the whole 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 Joanne.
“Not only will this mean that the estate in Mitford will finally be finished, which is great news for Dale, Joanne 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 theprogress on this site 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. To find out more visit: https://gbbank.co.uk/