Yeung Property Group has received a development finance loan in the amount of £18.3 million from funds advised by Hilltop Credit Partners Limited (“Hilltop”) (YPG) The money will be used to refinance current debt and to build 86 homes and 18 apartments on a greenfield site in New Waltham, Lincolnshire, which is two miles outside of Grimsby. On a national scale, the property market in Grimsby/Cleethorpes is still fairly inexpensive, and since the end of June 2020, residential sales cycles have accelerated by about 300%. To date, Hilltop has committed to funding SME developers almost £90 million to finance the construction of 382 homes across England. London, October 7: Hilltop Credit Partners , a specialised funding partner for SME residential developers, advised funds that were used to execute a £18.3 million loan to Yeung Property Group for the construction of 86 homes and apartments in New Waltham, a neighborhood on the outskirts of Grimsby, Lincolnshire.

The project will provide 18 flats priced below regional Help To Buy levels in addition to 86 residences with private outdoor space and parking options. The site, which is made up of 2.5 hectares of agricultural land, is located about two miles from the center of Grimsby and about ten miles from Immingham. It is a part of the largest docks in the UK by tonnage and is planned for major development to become a major source of renewable electricity generation in the UK’s “Energy Estuary.”

President and creator of Hilltop Credit Partners

The local housing market has been active lately, but overall costs have stayed rather reasonable; the average price in the area is £161,277, which is considerably less than the national average of £256,000. However, there is a great demand for newbuild, high-quality stock, and the development has a waiting list of interested parties due to the closing of a neighbouring pre-sold 160-unit scheme by the same developer.

While the Northern Powerhouse project is providing gap money to reinforce the position of Cleethorpes town center as the major driver of North East Lincolnshire’s tourist industry, Grimsby is slated to receive £40 million from the government for leisure and retail rehabilitation initiatives.

A local developer with over 20 years of expertise who has completed a number of successful projects in Northern England is the project sponsor. The 160-unit Clee Meadows rehabilitation project is just one example of the richness of local experience the in-house construction team can offer.

The founder and CEO of Hilltop Credit Partners , Paul Oberschneider , said: “This is a significant development in a reasonably affordable area. The development team has excellent local and regional expertise, including expertise in high volume sales. New Waltham ought to function well and build on the accomplishments of YPG’s adjacent Clee Meadows project.

“We have been working on this project with Hilltop for some time,” Ming Yeung of the YPG continued. It’s satisfying to be able to go forward with them since they have shown that they understand the difficulties encountered during the planning phase in a comprehensive, methodical, and patient manner.

Ends
Editor’s comments

Hilltop Credit Partners is a London-based, specialized end-to-end funding partner for small and mid-sized residential property developers around the UK.

With a track record in asset management, financial structuring, and property development, Hilltop’s “Smart Capital” offers a one-stop finance solution for the whole development lifecycle. Facilities offer loans from £2 million to £100 million with loan-to-cost ratios of up to 97%.

Round Hill Capital, a well-known international real estate investment company that specializes in macro-driven residential real estate investment techniques, is the company that supports Hilltop.
Visit Hilltop Credit Partners to keep up with us: https://www.linkedin.com/company/hilltopcreditpartners/
Here are our market insights: https://www.hilltopcreditpartners.com/insight/
Visit Hilltop Credit Partners at www.hilltopcreditpartners.com for additional details.
Contact Andrew Golding, Head of Marketing, at 44 (0) 203 903 6369 for further information.
Email for media inquiries

Subscribe to us!