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Downing Property Finance supports Carmichael Homes with £11.6m funding for sustainable Scottish developments
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Glasgow’s innovative developer, Carmichael Homes, has secured a significant funding package from Downing Property Finance, bolstering the expansion of its sustainable property developments across Scotland.
Through Downing’s sustainable lending framework, Downing Property Finance has provided essential financing for two major projects, with combined funding of £11.6 million, demonstrating dedication to environmentally conscious funding.
Downing Property Finance’s loan product is designed to align with the borrower's environmental aspirations. Borrowers are incentivised to implement more sustainable features which promote attributes such as water management, carbon reduction, and biodiversity enhancement. Developments meeting the criteria qualify for an interest rebate of up to 1%.
"The Fieldings" set in the sought-after locale of Jackton, East Kilbride, is a development of 19 modern townhouses engineered for sustainability without compromising luxury. These homes are remarkable for their green construction and boast state-of-the-art energy-efficient features, proximity to local amenities, and access to open green spaces.
"The Fieldings" set in Jackton, East Kilbride, Glasgow
The subsequent partnership in Roslynlee will deliver 26 unique four-bedroom energy efficient homes, each designed with sustainability at its core. This will enhance housing diversity on brownfield land. These homes will offer residents unparalleled views of the surrounding countryside, seamlessly integrating modern living with the tranquillity of nature.
Carmichael Homes, rooted in Glasgow and with over thirty years of industry presence, has consistently delivered diverse housing projects throughout Scotland. Known for creating energy-efficient homes that adhere to high standards, the developer has carved a niche in regenerating compact sites. Its commitment to greener, more sustainable building methods and net-zero technologies sets it apart in the quest for greener living spaces.
The deal was led by Relationship Director John Pollington on behalf of Downing Property Finance’s team, with support from Mark Sukhram.
Scott Carmichael, Managing Director of Carmichael Homes said: “Our collaboration with Downing Property Finance has been instrumental in bringing our vision to life. Their tailored Sustainability-Linked Loan has enabled us to pursue this project with greater financial agility and underscores our shared values in championing sustainability in the housing sector.”
John Pollington, Investment Director at Downing Property Finance, added, “The expertise and dedication Carmichael Homes has brought to these projects are exemplary. Both developments are a testament to their commitment to providing diverse and sustainable family housing within the stunning Scottish landscape. Carmichael's skilled team's efficient advancement of these projects has cemented our strong partnership. Their remarkable sustainability credentials resonate strongly with Downing's sustainability lending scheme, playing a pivotal role in the fruition of these developments."
The collaboration with Carmichael Homes, a leading advocate for green building practices in Scotland, exemplifies Downing Property Finance's support for sustainable property finance solutions.
Downing Property Finance
Downing Property Finance typically lends between £2 million and £30 million to experienced developers with the ability to go higher by exception. It lends up to 90% loan-to-cost and 70% loan-to-gross-development value.
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