The commercial lending arm of Wales’ largest building society has provided £2.5 million towards a new housing development coming to Bridgend.
Colman Vale, developed by Pennant Homes, the commercial subsidiary of Coastal Housing, will provide 20 new homes for the local area, including three homes at low cost home ownership.
Situated in the village of Pen y Fai, the four and five bed properties are finished to a high standard, with prices for open market homes starting at £360,000. The development is expected to complete in early 2022.
Principality Commercial provides development and investment lending for residential and commercial properties in England and Wales. The building society have previously supported Coastal Housing Group with £10m in lending towards the delivery of affordable housing.
Jan Quarrington, Social Housing Manager at Principality Building Society said:
‘’We’re delighted that Pennant Homes, who share the ethos of helping people to prosper in their homes and communities, have accessed the lending for the Colman Vale development. We’d like to wish a warm welcome to the families moving into their new home in Pen y Fai and look forward to working with Pennant Homes on future projects, as they provide more homes for communities across south Wales.’’
Simon Jones, Executive Director of Finance at Coastal Housing Group said:
“This is the first time that Pennant Homes has secured its own development funding to build new homes. It was important to us to work with a funder we know well through Coastal Housing Group. Everyone involved is very excited about this development and we want to build houses that buyers will be proud to call ‘home’. We were delighted to put in place the facility with Principality Commercial to help make this happen.’’