Case Study

Klondyke Works is a 93-unit development located in Ashford, Kent. The residential, multi-block new-build development was funded by Hilltop at the start of the Covid-19 Pandemic; it is on track to complete within budget and was fully pre-sold during the development phase.

The site is located within walking distance of Ashford International Train Station, servicing London in c. 40 minutes, and the Ashford Design Outlet; it is also located directly across from the new Netflix studio and mixed-use development that is currently under construction.

Pascoe Holdings is a relatively new firm formed by the two brothers, Rich and Chris Pascoe, who have a long family history within the construction industry. Ashford was the Pascoes’ first large-scale project. Without a large-scale track record of their own, but having a keen nose for good sites, the Pascoes pulled together a team of industry professionals to help deliver the project. The team’s ability to use alternative methods of construction (e.g., light-gauge steel) to improve delivery time and cost was attractive aspect of the development. After significant due diligence, Hilltop got comfortable with the business plan and undertook to provide funding to the new team.?

The unit sales have been taking place throughout the pandemic and build stage. Pascoe presold almost all the units as investments assets into the private BTL market, to both national and international buyers.

While not all projects go exactly to plan, the team managed to effectively navigate a number of uncertainties and obstacles, including a nearly two-year period of consistently bad weather conditions, the Covid-19 Pandemic, and historic levels of supply chain disruptions and material cost inflation -- a testament to the team and their original business plan.

Lending is not just about providing money to projects. Loads of people can do that and there is plenty of capital around. Hilltop looks not only for good sites but more importantly, good teams to back with aspiration, innovative ideas, and solid business plans. With Hilltop’s equity/developer DNA, we feel comfortable going that extra mile for projects we believe in, though others might not “get” the vision or risk.

Link to Ashford HT website: https://www.hilltopcreditpartners.com/ashford/?

For more information regarding funding please contact [email protected]