Urban Exposure plc closes 7 new loans bringing total lending commitments to £230m since IPO
Urban Exposure plc (the “Company” or “Urban Exposure”), a specialist residential development finance firm and asset manager, today announces an update on trading.
In the period from 3 July 2018 to 17 October 2018, the Company has successfully closed 7 new loans, bringing total lending commitments since the IPO to c. £230 million. The loans cover development projects across the country, including Falmouth, Birmingham and Liverpool. Since the IPO, the Company has committed in aggregate to finance the construction of 975 private residential homes, 86 affordable housing units and 45,000 sq ft of commercial real estate (including office space, retail and a hotel). The weighted average LTV of the loan book is 62.5% with returns in line with expectations.
The Company is working on a number of other loans and asset management strategies which it expects to close shortly.
Randeesh Sandhu, pictured, Chief Executive of Urban Exposure, said:
“We have a strong pipeline of opportunities to provide finance to high quality residential developers for mainstream housing projects across the UK and look ahead with confidence in continuing to deliver on our strategy to efficiently utilise our balance sheet lending funds, while growing our third-party asset management business.”