Assetz Capital provides £2.75m development exit loan

By Bridging Loan Directory 31st July 2023

Specialist finance provider Assetz Capital has announced 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 proud 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.

“We are thrilled to be partnering with such a reputable developer having supported their vision for this exciting project in Frome,” said Jon Pike.

“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.”