Vector Capital provides £3.3m development loans for Goldcrest Group
Vector Capital has provided £3.3 million of development loans for four new housing developments, in Woburn Sands and Aspley Heath, Bedfordshire, developed by the Goldcrest Group.
With a combined value of £10.7 million, the properties across four sites feature the development of 13 apartments at Woburn (GVD of £6.5 million); two semis in Aspley Heath with a value of £1.4 million; and the barn style house at Aspley Heath, with a value of £1.3 million. A further detached property site remains land banked, subject to an appeal for apartments, with a current value £1.5 million.
The barn-style house at Aspley Heath has just been completed and features a brand new, four double bedroomed, with a detached double garage, gated parking, a mature rear garden and countryside views, on a 0.3 acre plot. The site was a former scout hut, with fine views over open pastures and woodlands within the Duke of Bedford’s Woburn Estate.
The development loans were used to finance the four sites and also provide ongoing funding for the construction of all the properties. The loan has been secured against first charges with a 68% LTV over four years.
Agam Jain, pictured, Managing Director of Vector Capital commented:
“We have worked with Goldcrest Group on several projects over the years and have been very impressed by the quality and standard of their developments.
The development loans were processed in under 21 days from the initial application to the drawdown of funds. Our highly efficient and experienced team is working closely with Michael to provide a seamless funding line to cover the development of the further three sites. We are looking forward to working with the Group on their future developments.”
Matt Evans, Extant Director of Goldcrest Group commented:
“We continue to grow in strength due to the flexible funding provided by Vector Capital. We have found them extremely efficient and responsive as our financial requirements arise.”