OakNorth Bank – the UK bank powered by OakNorth – has completed a £2.3m loan to leading Norfolk residential developer Dewing Properties. The loan was completed through the government’s Coronavirus Business Interruption Loan Scheme (CBILS) which OakNorth Bank is an accredited lender for.
Dewing Properties, which prides itself on building quality homes in keeping with the environment and location of the surrounding areas, recently completed a major residential development consisting of 44 homes, including eight affordable units, in the popular North Norfolk coastal town of Mundesley. Properties within the development range from two and three bed-room bungalows, to three and four bed-room houses, in addition to several four bed-room chalets.
Founded by Chairman, Andrew Dewing, Dewing Properties was established with the aim of maintaining the balance of the rural economy and to ensure that village development is sustainable and environmentally sympathetic, whilst being affordable for local residents. Fellow director, Ian Webster brings to Dewing Properties knowledge of the local farming community and existing relationships with farmer landowners, which he hopes will develop into opportunities for future schemes.
Andrew Dewing, Chairman of Dewing Properties commented on the transaction: “The lack of residential properties in the surrounding area makes Mundesley a very attractive location for first time buyers, growing families and those looking to retire. We strive to provide high quality in every one of our builds, whilst incorporating state-of-the-art design techniques and technology, as well as a traditional style.
“The speed at which the OakNorth Bank team were able to complete the loan made them stand out from other lenders, and we greatly appreciated being given the opportunity to discuss the development directly with the Credit Committee – who were totally transparent in their feedback.”
Ian Webster, Director of Dewing Properties commented: “Our ambition is to build houses that we are proud of and that aesthetically sits well with their surroundings, which we feel confident we’ve achieved – we hope landowners share our vision and will be keen to work alongside us.”
Martin Williams, Debt Finance Director at OakNorth Bank added: “Andrew has built a fantastic company, with the Dewing name being highly regarded throughout Norfolk. Given the amount of experience and expertise he’s gathered over his 38 years in the sector, we were thrilled to be able to support him as part of our CBILS commitments in a tight timescale. We look forward to watching the Dewing brand grow over time and hope this is the start of a long-term relationship with them.”
Notes to editors
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
About OakNorth Bank plc
OakNorth Bank provides fast, flexible and accessible debt finance (from £500k to £50m) to fast-growth businesses and established property developers / investors. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds and East Anglia.
Since its launch, the bank has:
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.