CoStar UK - The Leader in Commercial Property Information

Vanderbilt secures Cheyne funding

By James Buckley - Wednesday, May 09, 2018 14:27

Vanderbilt Homes secures £12.5m Cheyne funding and extends £35m Barclays and RBS RCF.

Independent housebuilder Vanderbilt Homes has secured £12.5m in funding from Cheyne Capital Management and extended the maturity of its £35m revolving credit facility with Barclays and RBS by three years.

These new agreements, combined with existing capital in the business, will finance £45m in new land acquisitions. As part of the new agreement, Cheyne has also been invited to join Vanderbilt Homes’ board as a strategic partner.

Chris Chiles, group managing director at Vanderbilt Homes, said: “This deal comes at a time of exciting transition for Vanderbilt Homes and gives the business considerable firepower in the land market. Improvements to our business model, investment in talent and clarity on our growth strategy have not only put us in a stronger position to weather market volatility but have given our investors’ confidence in our ability to build on the success we've achieved so far.”

Edward Churchill, Chairman, said on the deal: “Cheyne have been investors in the company since 2014. I am delighted to welcome them onto our board as a strategic partner and the new investment underpins our exciting development plans for the business.  The Vanderbilt business just gets better and stronger thanks to the extraordinary hard work and commitment of our people and partners.”

Rob Turner, Cheyne Capital, said: “This investment is part of our strategy of providing flexible financing solutions to housebuilders building much-needed high-quality family housing in areas where there is a significant shortage of supply.”

The housebuilder has recently doubled the size of its land team including the appointment of Duncan Klitgaard, formerly of CALA Homes, as group land director. Established in 2004, Vanderbilt Homes has seen its turnover grow by 65% in the last three years, consolidating its position as a leading housebuilder of meticulously-designed homes. 

The developer will complete 75 homes this year and plans to deliver over 200 homes by 2020, with the business delivering a balanced portfolio of sites to achieve these targets.  Flagship sites will deliver high quality family homes, supported by ancillary sites which innovate and enhance the company’s brand; forthcoming flagship projects include sites in Bicester, Oxfordshire and Dunsfold, Surrey, as well as an ancillary site in Maidenhead.

Cheyne and Vanderbilt Homes were advised by Proskauer Rose and Winston and Strawn, respectively.

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

Get in Touch
+44 203 205 4600