Private Equity backed SME Property Developer honey to Focus on Initiative Across Yorkshire with Funding from OakNorth Bank

OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a further £12.2m loan to returning customer and SME housebuilder, honey, to part fund the acquisition and development of two of its latest major residential schemes.

Founded in October 2022 by former Avant Homes CEO, Mark Mitchell, honey builds original homes “with a unique approach to design, space, and sustainability.”

Standard features in every honey home will “include bi-fold doors, individually designed integrated kitchens, boutique-style bathrooms, and EV charging points.”

All units will also accommodate the Future Homes Standard, “resulting in honey homes producing 75-80% fewer carbon emissions.”

The business is also backed “by private equity provider, Alchemy Partners, who specialize in investing in debt and equity special situations across Europe. Alchemy currently has AUM of over £2.2b and has invested in over 200 transactions since its launch in 1997.”

The new housing schemes “located in Huddersfield, West Yorkshire and Maltby, South Yorkshire, will provide a combined total of 252 new homes for the region.”

The Maltby site, consisting of 185 detached and semi-detached homes, “will also include 46 affordable units and is situated close to Maltby’s town centre which is a short drive from the popular market town of Rotherham. honey’s new Huddersfield site will consist of 67 detached and semi-detached homes, including 13 affordable units and is situated in Fenay Bridge.”

The site is also within commuting distance “from Huddersfield and Sheffield, as well as the larger commercial hubs of Leeds and Manchester via the M62 and M1.”

Mark Mitchell, Founder & CEO of honey, commented:

“With the launch of honey just under 18 months ago, I’m delighted my vision of building new homes that deliver a combination of style, substance and sustainability continues to be realised. We’ve seen a constant high demand on all our sites to date and given the high quality of the units and the close proximity to major commercial towns and cities, we expect demand for our new schemes in Maltby and Huddersfield to be no different. Having now worked closely with OakNorth on six separate occasions, they’ve really cemented themselves as a funder of choice that continues to provide all the solutions to the pain points we normally face when working with the larger lenders. They were highly attentive and entrepreneurial throughout each transaction, closing the deals within weeks rather than months.”

Damien Hughes, Senior Director of Property Finance at OakNorth, added:

“Despite only launching in October 2022, Honey has quickly built-up an impressive reputation for offering a unique way to build homes that successfully combines style, substance and sustainability for the benefit of all its customers. We continue to believe in the vital role that SME housebuilders play in benefitting local communities and economies, and are thrilled that we were able to provide honey with six individual bespoke debt facilities. We look forward to strengthening our relationship with Mark and his team moving forward and also look forward to supporting honey on more residential projects in the future.”

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