Housing sites push ahead with Maven funding deal

Maven Property has raised £4.6 million to fund the development of two residential property schemes in Renfrew and Clackmannan.

The firm, which is working in conjunction with Scottish housebuilder Ambassador Homes, has raised the capital via a £1.6m equity fundraise from its Uk-wide Investor Partners co-investor network, as well as a bank development loan of £3m.

The Clackmannan development comprises 77 family homes which are expected to be sold for between £145,000 and £240,000. The development will also include 35 affordable housing units, built under contract with Castle Rock Edinvar Housing Association.

Meanwhile, the Maitland Gardens development of 52 private homes is located in the Moorpark region of Renfrew, with purchase prices ranging between £160,000 and £170,000.

Gordon Coster, MD at Ambassador, said: “We are thrilled to have partnered with Maven to secure the funding to progress the developments.”