Property developer secures funding to build seven new Cambridge homes

A Suffolk-based property developer has built seven new affordable homes in the area after securing £1.55million of funding from Lloyds Bank Commercial Banking.

Starburst Property Ltd, was launched by a group of property specialists after securing a site in Swavesey in north Cambridge.

During the planning process, the company won its first contract with Flagship Homes, a company that provides affordable homes to buy and rent across the East of England, to develop the site under the Flagship Group umbrella.

The funding from Lloyds Bank has allowed the business to build six flats and one semi-detached house at Middle Watch. The flats, built on two floors, are a combination of one and two-bedroom properties, with one being modified for wheelchair users.

The homes form the first barn style building sitting behind a group of Listed Farm buildings and a thatched dove cote.

Peter Brooks, a director at Starburst Property, said: “Swavesey has received a lot of inward investment recently, with improved transport links and infrastructure between Cambridge and Huntington, making it the ideal time to invest in the area and introduce new homes.

“The team at Lloyds Bank fully understood what we were trying to achieve with our first project and we’re looking forward to working with them again as our new venture grows.”

Andy Bailey, relationship manager at Lloyds Bank Commercial Banking, said: “Starburst Property is a new company that’s made a commitment to tackle the housing shortage by providing residents with affordable homes.

“We’re committed to helping Britain prosper by supporting businesses like Starburst Property, which is why we’ve pledged to increase the amount we lend to SMEs and mid market companies by £2 billion during 2017.”