Developer secures property finance deal to boost project

MAF Finance Group has brokered a £6.4m property finance facility for Hayhill Developments from Aldermore Bank enabling the mid-size housebuilder to construct more homes across multiple projects and grow at scale.

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The facility helps break ground on 75-home Water of Coyle development in Drongan and is the next stage of growth for Hayhill Developments, which has already delivered hundreds of homes across Ayrshire.

Founded in 2016, this is the first time Hayhill Developments has used bank funding having financed nine projects until now solely with the capital of its owners.

The funding enables the housebuilder to run three or more housing projects at once and use its own capital to acquire 'hard-to-fund' assets such as land.