Assetz Capital funds nine new bungalows in West Wales

By Bridging Loan Directory 29th September 2021

New Generation Developments Ltd (NGD), a Cardiff-based construction company, has secured a £1.7m development loan from specialist lender Assetz Capital.

Set in the castle town of Kidwelly, West Wales, the “Old Mill” development comprises nine three-bedroom detached bungalows with garages and benefits from a variety of local amenities including restaurants, sports clubs, schools, shops and a train station.

The first phase of the development was completed in early 2021, with the remaining completions due in Autumn 2022.

The builds will provide high-specification family homes in an attractive coastal location with excellent transport links.

More than 70% of the properties have been sold off-plan, and funding for an additional phase of development is already under discussion.

The loan is the latest in a healthy pipeline of funding announcements from Assetz Capital.

The company has lent nearly £1.5bn of retail and institutional funds to UK businesses to date, and funded the building of around 1 in every 100 new build homes in the last couple of years.

NGD Director Neil Dodd commented;

“We’re delighted to release these homes on to the market for families to utilise. Understanding the market requirement in light of the UK’s cultural and economic shifts is fundamental to our business.

The industry is challenging developers to go that extra mile with regards to CO₂reduction, so we’re proud to have delivered another eco-friendly and carbon neutral development in Kidwelly.”

NGD worked closely with Assetz’ Regional Relationship Director Tony Kear, who provided the funding package for the experienced developers.

Tony added:

“Assetz Capital exists to support SME housebuilders and developers with funding and this project completely aligns with our ethos.

We aim to keep tackling the UK housing crisis, and working with high quality SME property developers like New Generation Developments is crucial to achieving this goal.”