Baxter Homes backed by £ 5.5million loan
OakNorth Bank has given a £ 5.5million loan to Lancashire home builder Baxter Homes.
Founded in 2004 by Ian Baxter, the company has carried out projects on the coast of Fylde, Elswick, Great Eccleston and Garstang.
It will use the capital to support several phases of its Oak Hill Rise project, including the development of five three-bedroom, 12 four-bedroom and two five-bedroom properties.
Baxter said, “The past year has been incredibly difficult for the industry, with many construction sites closing or operating at limited capacity, which only puts more pressure on small-to-medium builders like us.
“This is why we are grateful to have the support of OakNorth Bank. They have worked with some of the largest and most established home builders in the country, as well as many small business home builders. So they know the industry well and were able to share some of the best practices they have seen over the past year.
“The knowledge and expertise of Chris and his team of the local residential sector was very apparent throughout the fundraising process, which allowed us to focus on maintaining our philosophy towards our work – providing a choice. new, stylish homes of good quality at affordable prices meet the aspirations and needs of customers today and tomorrow. “
Chris Swarbrick, Senior Director of Debt Financing at OakNorth Bank, added: “Under Ian’s leadership, Baxter Homes has built an excellent reputation and has completed a number of projects in Lancashire.
“In the 1980s, SME builders like Baxter Homes accounted for 80 percent of all new homes built in the UK, with the remaining 20 percent covered by the largest home builders. Today, the reverse is true, with SME builders accounting for only a fifth of all new homes under construction.
“At OakNorth Bank, we are doing everything we can to support SME homebuilders like Baxter Homes, so they have access to the debt financing they need to keep bringing new homes to market.”