Assetz Capital completes Northern Ireland development finance loan
Cobain Group has received in excess of £3m of funding from peer-to-peer lender Assetz Capital to support the construction of eight luxury homes in Holywood, Northern Ireland.
The Twisel Brae development has received its full interior styling and architectural influence by Kris Turnbull design, an award-winning multi national interior designer. The eight detached homes will range in size from 2,200 sq ft to 4,000 sq foot, and cost between £575,000 and £800,000. The secluded scheme sits on the hills in Holywood surrounded by mature trees, overlooking Belfast Lough. The construction of the project is being delivered by Mark Gilmore, Managing Director of AKM Construction, part of the Cobain Group.
Seven miles from Belfast city centre, the Twisel Brae development is located near the seaside with three houses units having additional private riverside gardens. From the eight properties on the Twisel Brae site, five are sold with construction ongoing.
In January 2018, Assetz Capital opened a new office in the heart of Belfast’s financial district. The firm offers a range of lending solutions including commercial mortgages, bridging loans, development finance and bridging finance. To date, the firm has lent over £435m to UK SMEs.
Mike Cobain, CEO of Cobain Group, said:
“Assetz Capital is a game changing lender whose P2P lending model is beginning to render archaic institutional bank finance structures defunct in so many situations. Andrew Fraser and Assetz as a business, understand the construction space implicitly, resulting in senior debt structure that makes the commercial logical sense that the industry has desperately required.”
“With incredible pre-sales and demand on the Twisel Brae development, today’s deal allows for the rapid completion of the development. Critically, it also frees up capital resources, which allows the group to move forward into more new projects, giving the company a seven-month advantage over its existing senior debt facility.”
Andrew Fraser, Relationship Director for Assetz Capital, said:
“Mike Cobain and his experienced construction team have created a landmark project for Holywood and Greater Belfast. Assetz Capital are delighted to be involved in the scheme.”