Hilltop Credit Partners completes £13.6m loan for residential development in Ashford, Kent
Funds advised by Hilltop Credit Partners (“Hilltop” or the “Company”), a specialist funding partner for SME residential developers, has completed a £13.6m loan to Pascoe Property Developers Limited. The project is being managed by John Darling, a 30-year construction industry veteran and recipient of multiple industry accolades, including a “Construction Manager of the Year” award from the Chartered Institute of Building.
Finance will be used for the site acquisition and ground-up development of 98 residential units in three phases in the Ashford centre, within walking distance of the Ashford Design Outlet and directly across from the Netflix studio and mixed-use development currently under construction. All units will qualify for the Help to Buy scheme. Funds advised by Hilltop also provided a bridge loan for the VAT payable in conjunction with the site acquisition.
Commenting on the deal, Richard Pascoe, Director of Pascoe Property Developers Limited, said:
“We are excited to be partnering with Hilltop on this development in a vibrant, rapidly growing area. Hilltop’s experience in real estate development and finance has been invaluable in making this deal work .”
Tiger Craft, CFO and Partner of Hilltop Credit Partners, commented:
“We are seeing strong demand for our product, and are pleased that the team we’ve built over the past two years is functioning at full speed. We’re delighted to be providing support and funding for this exciting development. It’s been a pleasure to work with this talented management team, and we look forward to doing more with them in the future.”
On the back of the general election results and the passing of the 31 January Brexit deadline, Hilltop is seeing notably improved market sentiment and demand for capital from UK residential developers. The Company’s 1st Quarter actionable pipeline currently stands at c. £40m. “With the Corbyn tail risk off the table and a tangible “Boris Bounce” taking hold, we believe there are real positives to come in the year ahead” says Paul Oberschneider, CEO ofHilltop.