Downing Property Finance completes £16 million loan for energy efficient apartments
By Bridging Loan Directory
Investment manager Downing has completed a £16m loan to build 50 energy-efficient apartments as it continues to grow its lending business.
The design-led apartments in Kent will be delivered to a high specification with the borrower self-building on a construction management basis.
The deal will also potentially qualify for an interest rate rebate under Downing’s sustainability lending product and further margin pricing reductions are structured into the loan provided pre-agreed sales milestones are achieved.
The deal was led for Downing by Investment Manager Doug Bowley and Transaction Management Director Mark Sukhram.
Parik Chandra, Partner and Head of Specialist Lending at Downing said:
“We continue to have a strong appetite to support SME developers with debt requirements of up to £30m.
This is a well-designed scheme in an area that will benefit from the increased housing supply, and we are delighted to be involved.”
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