Assetz Capital funds £2.83m loan for residential development in South London

By Bridging Loan Directory 3rd April 2023

Assetz Capital, one of the UK’s leading alternative finance providers, has announced that it has funded a loan of £2.83 million for a new residential development in the affluent area of Purley, south London.

The loan has been granted to a first-time developer, who is working with a highly experienced contractor to build six self-contained flats and three three-bed terraced dwellings on a leafy residential street in Purley.

The development is a 12-month build, with a six-month sale period.

The loan has a month term of 18 months and a Loan-To-Gross-Development-Value (LTGDV) of 67%.

The borrower will use the funds to cover the costs of the construction and sale of the development.

Andrew Fraser, Chief Commercial Officer of Assetz Capital, said:

“We are pleased to be supporting this exciting new residential development in Purley.

Despite the current economic climate, we remain committed to providing much-needed funding for property developers across the UK, particularly in areas such as Purley where demand for high-quality housing continues to be strong.”

Scott Pamflett, Relationship Director at Assetz Capital, added:

“It’s an absolute pleasure to be able to support our clients with this opportunity and a great example of how Assetz Capital are able to help property developers across London and the South East.”