Funding deal signals green light for second Grimsby new homes development

A derelict site in Grimsby is set to be transformed into 19 new homes by growing East Yorkshire based Hammond Homes of Distinction thanks to a £1.2m funding deal with One Stop Business Finance.

The Cedars development site on Eastern Inway, Grimsby, will be developed into a mixed residential scheme consisting of seventeen 2, 3 and 4 bed link, semi-detached and detached houses and bungalows, with the first properties ready to move in by July 2019.

The site is the second by Hammond Homes of Distinction in Grimsby, funded by One Stop Business Finance, since it embarked on its housing development strategy last year after years working as a sub-contractor for numerous national house builders. Its nearby 13-property Oak Tree View development, which was built in 2018, is now fully constructed and attracting strong sales interest, with the majority expected to sell in the first quarter of this year.

One Stop Business Finance, which specialises in providing funding to SME clients with short term and flexible options from its own lending and its network of finance providers, has been instrumental in helping Hammond Homes of Distinction grow.

Nick Hammond, Managing Director of Hammond Homes of Distinction Ltd. said: “The funding facility, pro-active and continuous re-active support from One Stop Business Finance throughout the lending process has been invaluable and has transformed our business. Without their funding it would not have been possible for us to make the leap into development and build on our many years of sub-contracting for national house builders.

“Our first two projects in Grimsby have allowed us to develop an excellent local supply chain and enable re-investment in the local economy. We are now working on strengthening our positive relationship with North East Lincolnshire Council, which will hopefully lead to further development opportunities in the Grimsby area, and look forward to working with One Stop Business Finance again in future to secure new development funding. Our development ethos is to maximise quality over margin, a view which unfortunately is not replicated by many of the mainstream housebuilders today and with stakeholder engagement given priority, our close relationship with local residents throughout the development process allows us to enhance their community lifestyle. A vision that is of the utmost importance to us”.

Andrew Mackenzie, Managing Director of One Stop Business Finance added: “Hammond Homes of Distinction have been a pleasure to work with and we will continue to support the business to ensure that access to lending does not unnecessarily restrain its growth. Despite the anticipated slowdown in housing sales in the final quarter of 2018, and the uncertainty around Brexit, the quality of the Hammond Homes build is shining through and has meant that demand for their product remains strong.”