Assetz Capital funds four new homes with CBILS loan
Loughton Capital 2020 Ltd is now able to start the development of four residential bungalows on a rural site in Brentwood with the help of a £2.1m loan from Assetz Capital Lending Limited (ACLL) under the Coronavirus Business Interruption Loan Scheme (CBILS).
This government-backed initiative helps businesses who have been adversely impacted by the Covid-19 pandemic by covering fees and interest payments for the first 12 months of the loan.
Due to the nationwide lockdown in April, the Essex-based developer was having trouble accessing funding for the project.
However, after being introduced to Assetz Capital, the specialist lender was able to offer a timely development solution to start the demolition of the existing site and fund the subsequent construction of the family homes.
Thanks to the CBILS scheme, the site is now set for completion in May 2021.
The four 4-bed bungalows will be a dream purchase for families wanting to live outside of London, but within a quick, commutable distance of 40 minutes from the city centre by train.
Assetz Capital have lent over £1 billion to UK SMEs since inception in 2013 and are currently one of only a small number of lenders offering development finance loans under CBILS.
Dean Floyd, Owner of Loughton Capital 2020 Ltd, said:
“Time was running out on the development and panic was setting in when Relationship Director Lee Francis arrived with his personal approach and speed of service.
I can’t sing Assetz Capital’s praises enough, they are hungry and buoyant in the market, so much so that we are already looking at another couple of deals with them”.
Lee Francis, Assetz Capital Relationship Director, said:
“We’re proud to get Dean to completion and to deliver four new quality homes in an excellent location built by a top-quality SME developer.
I’m pleased we’ve exceeded his expectations and it was down to the hard work of our panel of lawyers Gateley’s and our in-house relationship support team.”