Close Brothers Property Finance has completed funding for the final phase of Mulberry Homes’ £120m Kingsbury Park development in Lutterworth.
The completion of the fourth phase marks the end of an eight-year development programme that has delivered 288 homes between 2018 and 2026.
It also takes the total number of homes financed by Close Brothers Property Finance for Mulberry Homes to more than 1,000 across a 12-year relationship.
Over that period, the lender has supported 23 Mulberry Homes developments, ranging from smaller residential schemes to large multi-phase projects such as Kingsbury Park.
The Lutterworth development was delivered through a period of significant disruption for the housebuilding sector, with the project spanning Brexit, the Covid-19 pandemic and the economic uncertainty that followed Russia’s invasion of Ukraine.
Simon Davey, business development director at Close Brothers Property Finance said: “Our relationship with Mulberry Homes spans more than a decade and is built on mutual trust, consistent communication and a shared commitment to delivering high-quality housing.
“In today’s environment, where delivery timelines are longer and market conditions more complex, relationship-led lending has never been more important. We remain committed to supporting established SME housebuilders like Mulberry Homes to bring forward much-needed new homes across the UK.”
John Burke, finance director at Mulberry Homes said: “Kingsbury Park has experienced both the best and the worst of housing market conditions, but it has proven to be a highly resilient location, with demand remaining steady even during the market’s lower ebbs. A phased approach has been vital to allow us to deliver high-quality homes alongside the infrastructure and open spaces needed to create a thriving community.
Close Brothers has been a consistent partner from the outset, with a strong understanding of both the scheme and the wider development lifecycle. Their ability to provide flexible, pragmatic support when required has played a key role in helping to keep the project on track and delivering it efficiently.”
