Octopus Real Estate, part of Octopus Investments and a leading UK specialist real estate lender and investor, has provided a loan of £6.4m to finance the ground-up development of 14 new homes in North Berwick, Scotland.
The loan provided to family-run MNM Developments will finance the delivery of Castlemains, a new residential development in the village of Dirleton, just one mile outside the vibrant seaside town of North Berwick. The properties will be modern 3, 4 and 5 bedroom family homes.
MNM are known for their use of sustainable raw materials – including FSC-certified wood – and for designing their homes to be energy efficient and affordable to both heat and light, with all units benefiting from air source heat pumps.
Nick White, Head of Development Origination, Octopus Real Estate, commented:
“At Octopus Real Estate we are always keen to support local SME developers who are experts in their region. MNM is one of the most trusted family-run building firms in Scotland, with four decades of experience in delivering high-quality homes. For this particular development, MNM are targeting high EPC ratings, and using local suppliers where possible to minimise the carbon footprint of this build. We’re delighted to support them in delivering more sustainable homes to their local area.”
Marc Teague, Managing Director, MNM Developments, concluded:
“MNM believes that the property industry has a responsibility to the wider community and the planet, so we’re committed to the highest levels of environmental excellence. We know Octopus shares this commitment, so it made sense to work with them on Castlemains, and we can’t wait to bring this new development to life.”
The development finance loan provided by Octopus has a 21-month term.