The Cumberland has completed a £2 million finance deal with Genesis Homes (North) Limited to help fund a new housing development in Wigton.
The deal will see the Penrith-based builders undertake their first development of 74 luxury new homes at St Cuthberts on the Eastern fringe of the town. The first phase is already under way, and comprises of 28 houses and bungalows of between 2 and 4 bedrooms, all of extremely high quality.
Simon Whitwham, The Cumberland’s General Manager responsible for the commercial arm of the business, said, “We are excited to form this partnership with Genesis Homes. As a local building society, most know us as a trusted lender of residential mortgages, but we’re also well established in various commercial lending sectors, including housing development finance. The opportunity to work with a local house builder with plans to construct a large number of high quality homes in North Cumbria was particularly enticing.”
Nicky Gordon, Managing Director of Genesis Homes, said, “We’re obviously delighted to have partnered with The Cumberland. As a local business ourselves we much prefer to work with other local firms. We became aware that The Cumberland may be able to help us finance early in the project, and their knowledge and expertise became clear immediately. Also, the fact that they were on our doorstep and we could sit down with them and talk about the development face-to-face was key in our decision to work with them.”
Reservations for the first phase of the development are now being taken, with five plots already reserved. The site is being marketed by The Cumberland’s estate agency division.
Genesis Homes plans to develop several more sites in Cumbria, to meet the need for better new homes across the county. Mark Walker, Land Director of Genesis Homes, has identified several locations, with sites ranging from 25 - 150 new homes. He said “There is a real need for more, and better, homes in Cumbria. We are geared up to address that. We also recognise the importance of creating effective and mutually-beneficial partnerships with landowners.”
Graeme MacLeod, Managing Director of The Cumberland’s estate agency, said, “These properties are going to be truly superb. Genesis Homes really understand what homebuyers want. They’re building homes of exceptional quality with high specification interior finish and fittings. They’ve also thought carefully about the overall look of the development, and there’ll be more open space and greenery in the area than you’d expect to see on a new development. I’d certainly urge anyone looking for property in the area to consider these and contact us to find out more.”