Nottingham-based Infinity Homes has secured a £1m funding facility to deliver the company’s first development which will be located off Holmgate Road in Clay Cross.
The development will comprise five three-bedroom bungalows and, once complete, will have a gross development value of £1.6m.
The £1m funding facility has been secured by Infinity Homes from merchant banking group Close Brothers.
A team from law firm Gordons, led by partner and head of residential development, Michael Finnett, advised Infinity Homes on obtaining the facility.
Work started on site in January, with the first residents expected to move into their new homes this August.
Infinity Homes director, Joshua Greveson, said: “It’s fantastic to have secured this facility to deliver our development. Michael and the team at Gordons are highly experienced in securing funding for residential developers, so they were able to expertly navigate the funding process for us.
“We know there is strong demand for new bungalows within Clay Cross, particularly of the type that we are building and with the specification we have. We’ve already made a great start on site having received our first plot reservation and sales interest in the remaining available plots.”
Commenting on the funding deal, Gordons’ Michael Finnett said: “Infinity Homes is an ambitious housebuilding start up business so we are very pleased to have been able to help them with their initial development.
“We are sure it will be the first of many and we look forward to supporting the business and it continues to grow and evolve over time.”
