Assetz Capital completes £2.5m development loan for Plymouth scheme

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Assetz Capital, the specialist in property lending, has completed a £2,509,000 development loan to support the delivery of Valley View, a five-unit residential scheme by Cornerstone in Elburton, Devon.

Located on land east of Arcadia Road, within an established residential area on the outskirts of Plymouth, the scheme has been designed to deliver five-high specification, four-bedroom detached family homes, each benefiting from generous private gardens.

The development is well positioned to meet demand for quality family housing in a desirable South West location.

The 19-month facility, structured at 68.27% Loan to Gross Value (LTV), has been provided to assist with the development of the scheme.

In addition to fully funding the borrower’s build costs, the facility also refinanced demolition works already undertaken by the borrower prior to completion of the loan.

Demonstrating a proactive approach to delivery and sales, the borrower has already secured two reservations ahead of project’s completion, showing strong demand for the development.

The Assetz Capital deal team included Callum Ferguson, Relationship Director; Fran Bayford, Case Manager; and Ian Hatch, Senior Credit Manager.

Callum Ferguson, Relationship Director at Assetz Capital, said: 

“It has been a pleasure to support this developer delivering a well designed 5-unit scheme on the outskirts of Plymouth.

This project reflects our ongoing commitment to SME housebuilders providing flexible funding solutions for experienced developers delivering quality housing in the Southwest and across the UK.

This facility showcases Assetz Capital’s desire to fund well designed residential development projects in the South West.

I am delighted to be working with an upwardly mobile developer on this project who has shown a proactive approach throughout, and looking forward to seeing the project progress.”

Kieran Payne, Finance Consultant at Aureum Insurance, added: 

“We are delighted to complete this transaction with Assetz Capital.

I have worked with Callum several times before at previous lenders and I am glad to see that he has taken the same hands-on approach to Assetz.

That paired with the resilience of Fran to push the deal along has been invaluable.

The flexible and commercial approach provided the developer with a funding solution that allows the borrower to hit the ground running with the development.”

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