Specialist finance provider Assetz Capital is pleased to announce a recent agreement for a development exit loan in the town of Frome, Somerset.
The lender will be “providing financing to support the ground-up development of an impressive scheme comprising 7 townhouses, 2 detached houses, and one office, located in the heart of the town centre.”
The loan, valued at £2.75 million, “represents 60% of the loan-to-gross development value (LTGDV), demonstrating the lender’s confidence in the project’s success.” This significant financial backing will enable the developer “to complete the last two detached houses with a significant cash release towards his next project.”
With a short-term loan period of 6 months, Assetz Capital is pleased “to play a pivotal role in supporting the timely delivery of this transformative development.” The loan structure has been tailored “to meet the specific needs of the project, ensuring an efficient exit strategy for the borrower.”
Jon Pike, the Relationship Director at Assetz Capital, has been instrumental in facilitating this agreement.
His expertise and dedication “to meeting the borrower’s requirements have been key to the success of this deal. Jon Pike’s involvement further highlights Assetz Capital’s commitment to providing exceptional personalised service to its clients.”
Jon Pike said:
“We are thrilled to be partnering with such a reputable developer having supported their vision for this exciting project in Frome. Assetz Capital is proud to be contributing to the development of vibrant communities. We are focused on customer delivery with a common-sense approach to lending and supporting SME housebuilders”.
Assetz Capital’s Chief Commercial Officer, Andrew Fraser, commented on the agreement, saying:
“This successful deal showcases Assetz Capital’s expertise in structuring tailored financing solutions to empower property developers.”
Assetz Capital remains “committed to empowering property developers by providing flexible financing solutions to help bring their projects to fruition.”
Over the past few years, the company has “funded the equivalent of around 1 in every 12 homes built by SME housebuilders.”