Developer secures £7.2m facility to build 55 houses

By Bridging Loan Directory 20th February 2019

Peer-to-peer lender Assetz Capital has provided a £7.2m facility to established property developer N & R Devine Group to fund the construction of 55 houses in Mid-Ulster, Northern Ireland.

Established in 1999, N&R Devine Group designs, builds and maintains properties across the North West, Mid Ulster and Northern Ireland. The firm specialises in quality affordable housing, with projects that range from private residential properties to commercial and social housing. In 2018, N&R Devine constructed and sold over 80 family homes in Northern Ireland and the Republic of Ireland.

The 55 new homes are based across three of the group’s developments, 20 homes in Cookstown, 25 in Coalisland, and a further 10 homes situated in Sion Mills.

Of the 55 houses, 31 are mid construction, with 15 agreed or sold. The houses range in value between £105,000 and £189,000. The firm is aiming to complete the construction by Spring 2020.

Niall Devine said:

“With Assetz Capital’s support, we have the funding to execute our plans and construct these homes on schedule. Andrew and his team were able to provide a flexible facility that met our requirements, and we are looking forward to continuing our work with the firm as we target future projects.”

Andrew Fraser, Relationship Director for Assetz Capital, said:

“We were impressed by the scale and ambition of Niall’s plans, and they required a facility to get the projects over the line to meet demand. N&R Devine Group has an excellent reputation for quality, very affordable family housing in the region, so we were keen to work with the firm to deliver these properties in a timely fashion. With the majority of the homes already booked or sold, we have no doubt that the finished project will be a huge success for the group.”

Kyle Lindsay, Director at Lindsay Commercial Finance, said:

“Assetz Capital has provided much needed funding to property developers, not only in Belfast, but across the whole of Northern Ireland. Since it launched its Belfast office last year, the firm has supported a number of impressive developments, so working with Andrew was an obvious choice for us. We were impressed by the speed of delivery and flexibility of the facility, and N&R Devine Group is now in an excellent position to finalise the project.”