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Secure Trust Bank : Portdevon secures funding for Tadworth development

11/05/2020 | 09:57am

Housebuilder Portdevon has secured funding for a new development of ten homes in Tadworth, Surrey.

Secure Trust Bank Real Estate Finance (STB REF) has agreed a £2.6m loan with Portdevon for the development, called Tadorne Place, on Ashurst Road.

Mountbray Court will comprise four two-bedroom, two-bathroom apartments, each with private outdoor ground floor space or twin balconies, and two spacious one-bedroom apartments.

Tadorne Terrace comprises two two-bedroom terraced houses, one two-bedroom end of terrace home and one three-bedroom end of terrace. All of the houses have a small, private landscaped garden. Prices start from £359,950.

Portdevon is an independent developer, specialising in building high quality homes across London and the surrounding commuter belt.

Gary Durden, director of Portdevon, said: 'We are grateful for the financial support from Secure Trust Bank, which has helped us to firstly acquire the site and will provide the working capital to see it through to practical completion.'

Secure Trust Bank's Real Estate Finance Team provides lending facilities of £1m-£45m to residential and commercial property developers and investors, from SME housebuilders to UK-based funds. The bank has committed £100m specifically to assist SME housebuilders and property developers, with flexible loans of £1m - 5m.

John O'Leary, senior relationship director at STB REF, said: 'This is the third development we have funded for Portdevon, having previously provided development finance for Twickenham House, in South West London, and Triumph House, in Acton.

'The company has a strong track record of delivering quality homes to the market and with a healthy pipeline of projects we look forward to working with the team in the future.'

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Secure Trust Bank plc published this content on 05 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2020 14:56:01 UTC

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