OakNorth Bank has provided a £17.8m loan to leading UK property developer Marden Homes for a residential development in Chelmsford.

The funding will finance a major new waterside residential development of 128 units and 28 affordable homes in Little Waltham, five miles from Chelmsford.

The site is close to transport links into Liverpool Street from Chelmsford. The homes will be a mix of one to four bedrooms, terraced, semi-detached and detached.

Managing director at Marden Homes Rick Tappenden said: “With its excellent transport routes and prime location within the London commuter belt, the Chelmsford area has become an increasingly popular area for young families and first-time buyers to plant roots.

“We endeavour to ensure the superior quality of our work runs through every one of our build, meaning our customers can look forward to leading-brand appliances, touches of luxury and beautifully crafted finishes in each room.”

OakNorth Bank has also recently provided a £4.6m loan to Literacy Capital’s aluminium fabricator AluFold Direct.

AluFold was founded in 2013 by husband and wife Craig and Lorraine Miller who have since scaled over 100 employees.

The company has secured a significant number of orders and in the next few years looks to expand and invest in an additional site to meet high levels of demand.

Managing director and chairman of AluFold Direct Craig Miller said of the investment: “We are delighted to complete our investment in AluFold Direct. Craig and Lorraine Miller have done a fantastic job founding and growing the business to its current size and we are excited to be working with Craig and the team to take advantage of the growing market amid increasing popularity for aluminium products across the country.”