Nicky Martin has been developing residential properties in the South West for over 30 years. Originally working with his father, Nicky now runs Bath-based developer Martin’s Developments Ltd, a family-owned firm that specialises in small to medium-sized projects, building between 10 to 20 homes each time.
His latest development, Lavender Close, is just a 15-minute drive from the centre of Bath and only 10 minutes from the popular market town of Frome, which often tops ‘The Best Places to Live’ lists. Situated next to a Lavender farm in the village of Faulkland, the development comprises eight high spec executive homes that are expected to sell for between £535,000 and £1.3million each.
The deal has been financed by Bath & West using a short-term bridging line, released in stages over the course of the development. The loan will total £3.1million over 18 months with the gross development value expected to reach £7million. Bath & West is charging a rate of 1.1 per cent per month.
‘We have worked with Matt Anderson for more than 20 years and were confident that Bath & West would be the right fit for us on this development,’ said Nicky. ‘This type of project is all about relationships and when you’re working on a development, you rely on your relationship with the lender to keep things running smoothly.
‘Bath & West have been brilliant at releasing funds as and when we need them for the next stage of development; they’ve done a lot of due diligence to make sure that they’re as comfortable as we are with the project and we’ve had a really positive experience with them.’