LEXI and Shawbrook complete £10.3m facility for Bournemouth development

LEXI Finance has arranged a £10.3m loan with Shawbrook Bank to fund a Bournemouth residential development, Property Week can reveal.

The Radcliffe Court scheme, which will be developed by Hartdene Homes, comprises 26 apartments with communal gardens and overlooks the sea.

The deal follows a £9.7m loan LEXI Finance arranged for a Devon development by regional housebuilder Blakesley Estates and a £46.5m investment loan across multiple assets in Southampton.

LEXI Finance co-founder Sam Le Pard said: “We’re proud to have worked with Hartdene Homes to secure funding for Radcliffe Court, which will be a landmark building on Bournemouth’s coastline.”

“LEXI continues to support developers to secure the most appropriate funding for their projects and is very grateful to Shawbrook for its diligence in underwriting this scheme, offering market leading terms and being unwavering in its execution.”

Hartdene Homes director Tristan Pinckston added: “We established Hartdene to build highquality homes in premier developments across the Christchurch and Poole Bay area that provide design-led living spaces for our clients.

“A big thanks to Sam at LEXI for structuring the funding to support our model and John at Shawbrook for delivering on their commitments.”

Shawbrook director John Hughes said: “The south and South West have proven popular for new developments over the past year, especially as more people work from home and can relocate to coastal areas or look to buy second homes in the UK.

“Radcliffe Court is a particularly interesting project as it combines new luxury homes with an art deco style, which is in keeping with the character of the area.”

Read the original article in Property Week here.