Close Brothers Property Finance has provided development finance for the fourth and final phase of Kingsbury Park, a £120m GDV residential scheme in Lutterworth, Leicestershire, developed by Mulberry Homes.
The scheme represents the largest single development funded by Close Brothers Property Finance and the most substantial project in Mulberry Homes’ 15-year operating history. Between 2018 and 2026, the development will have delivered 288 homes across four phases.
Long-term lending relationship
The completion of Kingsbury Park brings the total number of homes financed by Close Brothers for Mulberry Homes to over 1,000 units. The lender has backed 23 developments for the housebuilder over a 12-year period, ranging from a 22-unit project in Great Easton to multi-phase schemes.
Simon Davey, business development director at Close Brothers Property Finance, said the relationship with Mulbury Homes spans more than a decade. “In today’s environment, where delivery timelines are longer and market conditions more complex, relationship-led lending has never been more important,” he stated.
Market challenges during build period
The eight-year build period coincided with significant market disruption, including Brexit, the Covid-19 pandemic, and economic turbulence following Russia’s invasion of Ukraine. Mulberry Homes faced operational pressures including maintaining a consistent subcontractor base across the extended timeline.
John Burke, finance director at Mulberry Homes, noted that Kingsbury Park experienced both favourable and challenging housing market conditions. “It has proven to be a resilient location, with demand remaining steady even during the market’s lower ebbs,” he said.
The phased approach allowed the developer to deliver infrastructure and open spaces alongside residential units. Burke credited Close Brothers with providing flexible support throughout the project lifecycle.
Sector context
The completion comes as millions of UK households face higher mortgage costs, whilst the government has been under scrutiny over its housing delivery targets and planning reforms. The scheme demonstrates continued appetite from specialist lenders to back SME housebuilders on long-term projects despite market volatility.
Close Brothers Property Finance stated it remains committed to supporting established SME housebuilders to deliver new homes across the UK.