OakNorth Bank completes £8.6M loan to Verto, the leading sustainable housebuilder delivering award-winning Zero Carbon Smart Homes®, for two new residential developments in Cornwall

  • The capital will be used to finance the development of 30 Zero Carbon Smart Homes® in Falmouth and a further 18 Zero Carbon Smart Homes®, incl. eight affordable units, in Mylor;
  • Both developments are positioned in highly sought-after coastal locations, with the Falmouth site situated beside the Town’s golf course, appropriately named The Green, and Mylor being recently voted one of the best places to live in the UK[1];
  • Founded in 2010, Verto is the UK’s leading sustainable housebuilder and only designs, builds and sells smart homes that produce zero carbon emissions – with a clear goal to change the way we live, by changing the homes we live in;
  • In 2019, OakNorth Bank became one of the first banksglobally to achieve net zero for Scope 1 and 2 emissions, so there were clear synergies with Verto’s vision and proposition.

OakNorth Bank – the UK bank for entrepreneurs, by entrepreneurs – has completed an £8.6m loan to Verto, leading sustainable housebuilder and creator of the internationally acclaimed Zero Carbon Smart Home®. The capital will be used to finance the development of two new residential schemes across the South of Cornwall – both of which being a collection of Verto’s Zero Carbon Smart Homes®.

The Falmouth site, consisting of 22 detached homes and eight apartments, has views of the local links golf course and is located a short distance from Swanpool beach, a popular sandy cove that adjoins Swanpool Lake Nature Reserve. The development in Mylor, recently voted one of the best places to like in the UK, will consist of 18 detached bungalows, including eight affordable units.

A Verto home effortlessly blends contemporary aesthetics and modern house design with cutting-edge smart technology. It’s a home that does good, and looks good too. Instead of burning fossil fuels, Verto’s Zero Carbon Smart Homes® produce their own renewable energy through photovoltaic solar panels integrated into the roof.

In addition to this, all homes are equipped with triple-glazed argon-filled windows and super-insulation – which result in almost zero heat loss or noise pollution. Homes use a zonal underfloor heating system, so that only rooms in use are heated, and instead of conventional gas boilers, they use ground-source heat pumps (GSHP) and air-source heat pumps (ASHP) which quietly absorb ambient heat from the ground or outside air and move it inside. A mechanical ventilation system with in-built heat recovery ensures the heat being created in your home is used in your home.

Verto’s integrated smartphone app helps homeowners manage their energy efficiency virtually and on-the-go. While you’re busy living, your home is busy learning. Adjusting the heat and light in every room, saving energy, and creating an environment which is exactly to your taste. If the home produces more electricity than is needed, it will automatically feed any excess back into the national grid for a profit, or alternatively may be used to charge your electric vehicle.

Tom Carr, Co-Founder of Verto, commented on the transaction: “With nearly a quarter of carbon emissions coming from buildings, our mission is to build the UK’s most advanced sustainable smart homes, creating the perfect environment inside, without harming the environment outside. Hemesh and the OakNorth Bank team operated quickly and transparently, with the entrepreneurial approach and commercial acumen that was promised. We are continually building our pipeline of projects and helping more people move towards a zero-carbon lifestyle, across a wider demographic and geography, so are glad to be working with a Bank that is not only willing to support us financially, but also shares our commitment to the environment.”

Hemesh Patel, Property Finance Director at OakNorth Bank, added: “As one of the first banks globally to achieve net carbon zero for Scope 1 and 2 emissions, we are incredibly proud to be supporting a business that is pioneering such positive change in the property industry. Verto and its team have successfully completed several developments in the South West – all with the same zero carbon credentials, and all of which were 100% sold off-plan – they clearly know what they’re doing. Much like Tesla did for the electric car market, Verto is making zero-carbon living an exciting and achievable reality by combining state-of-the-art technologies, with stylish design. We look forward to continuing to work with the business in the future and helping in its fight for zero on the home front.”



Notes to editors

About OakNorth Bank Plc

Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible and accessible debt finance to the UK’s Missing Middle. Since its launch, the bank has:

  • Lent over £6.5B, directly helping with the creation of 20,300 new homes and 23,700 new jobs across the UK;
  • Raised deposits from c.160,000 savers;
  • Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Visit wordpress-test-website.oaknorth-it.com for more information.


Tom Pavey-Smith, Associate Director – Growth & Communications

[email protected] / [email protected] / 0791 716 5588

[1] The TimesMylor, Cornwall — Best Places to Live in the UK 2020

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