Aldermore lends £ 4.2million to McIver Homes to refinance 69 homes
Aldermore Bank, a retail bank that provides financial services to small and medium-sized businesses, has provided a £ 4.2million commercial residential refinance loan to McIver Homes, an independent home builder and rental building developer in the North East of England.
McIver Homes is a family business which currently owns a portfolio of 69 rental properties in the North East of England. The loan will be used to refinance 41 apartments and 28 houses at three locations outside of Newcastle upon Tyne. Two of the sites are located in Wallsend and one in Walkergate.
James McIver, Founder of McIver Homes, said: “McIver Homes was very impressed with how Michael Graham and everyone at Aldermore worked so hard to meet tight deadlines and close this deal within a short period of time.
“Aldermore is here to support SMEs like ours, which in turn will allow us to grow and achieve our goals of being a quality developer with a commitment to building homes that people are proud to live in.
“We look forward to strengthening our relationship with Aldermore going forward and building on the successes we have achieved over the past few years. “
Michael Graham, Senior Loan Manager at Aldermore, said: “Aldermore has worked with James and McIver Homes for several years now and our relationship with them has continued to grow stronger. This latest deal is a good example of how we’ve stepped up our efforts to provide financing when traditional lenders pull out.
Graham Ritchie, Head of Commercial Mortgages for the North Region at Aldermore, said: “This agreement highlights the work we are doing in the North of England to support local and regional home builders and investors in long term.
“Our ability to offer our clients the option of development or investment facilities or both of ‘grow to hold’ has been warmly welcomed by James and other clients.
“We have been impressed with previous McIver Homes projects and are excited to see what James and his team’s plans are for the area going forward. “