Assetz Capital, which claims to be one of the UK’s leading alternative finance providers, has announced that it has “funded a loan of £2.83 million for a new residential development in the affluent area of Purley, south London.”
The loan has been “granted to a first-time developer, who is working with a highly experienced contractor to build six self-contained flats and three three-bed terraced dwellings on a leafy residential street in Purley.”
The development is “a 12-month build, with a six-month sale period.”
The loan has “a month term of 18 months and a Loan-To-Gross-Development-Value (LTGDV) of 67%.” The borrower will “use the funds to cover the costs of the construction and sale of the development.”
Commenting on the loan agreement, Andrew Fraser, Chief Commercial Officer of Assetz Capital, said:
“We are pleased to be supporting this exciting new residential development in Purley. Despite the current economic climate, we remain committed to providing much-needed funding for property developers across the UK, particularly in areas such as Purley where demand for high-quality housing continues to be strong.”
Scott Pamflett, Relationship Director at Assetz Capital, added:
“It’s an absolute pleasure to be able to support our clients with this opportunity and a great example of how Assetz Capital are able to help property developers across London and the South East.”
As noted in the update, Assetz Capital claims it is “known for its flexible and transparent approach to alternative finance, providing loans for a range of projects, from residential and commercial developments to refurbishments and buy-to-let investments.”
Earlier this year, specialist lender Assetz Capital appointed Richard Martin as “a Regional Relationship Director, based in the Southeast, as the company eyes growth plans for 2023 and beyond.”
Richard joins “from Leumi UK, where he spent 12 years as a Relationship Director, focused on providing property finance for specialist sectors such as care, student living, retirement, and traditional residential and commercial projects.”
He has “supported many large-scale developments in the various specialist sectors with values of up to £35m.”
Richard has been “working in finance and property funding for over 25 years, with a background in corporate banking, stretching across numerous roles in 12 years of service for the Lloyds Banking Group prior to his stint at Leumi.”
He brings “a wealth of specialist funding experience across the Southeast to the role.”
Commenting on the appointment, Managing Director Andrew Charnley said:
‘We’re delighted to have Richard on board. His CV boasts some ‘best in class’ experience across the various sectors within specialist finance that we are keen to increase funding in, such as healthcare, and his addition to the team will be welcomed across the business.’