“This deal exemplifies our reliability as a funding partner in complex and time-sensitive situations, supporting SME housebuilders to bring new schemes to market”
– Mark Roberts – Assetz Capital
Assetz Capital has completed a £2,316,000 development facility for a six-bungalow scheme in Leintwardine, Herefordshire, after stepping in at the eleventh hour when the original lender withdrew on the day of completion.
The 16-month facility, structured at 70% loan to gross development value, supports developer Marches Homes in demolishing an existing dormer bungalow on a 0.78-acre site on High Street and constructing six new eco-dormer detached bungalows.
Each property will offer three bedrooms, with some including a study or storeroom that could serve as a fourth. All six units are being built to A-rated energy performance standards.
“We stepped in at a critical juncture on this development, providing certainty of funding when the original funder withdrew on the day of completion,” said Mark Roberts, relationship director at Assetz Capital (pictured).
“Our ability to move decisively, underwrite quickly and deliver within a revised timescale ensured the transaction proceeded without disruption, safeguarding the sponsor’s position and keeping the scheme on track.
“This deal exemplifies our reliability as a funding partner in complex and time-sensitive situations, supporting SME housebuilders to bring new schemes to market.”
Miles Pattison-Appleton, land director at Marches Homes, described the experience of working with Assetz after the original lender pulled out. “We had another lender lined up to provide the senior debt for a six-unit residential development, but after a long period of delays, they withdrew the day before completion. Assetz Capital stepped in and quickly stabilised the situation.
“Straight away, we found the team to be professional, efficient and proactive, pushing professional reports and legals through to completion, and staying patient when title registration was delayed. The difference in service was clear, and I was exceptionally impressed with their attitude to funding. We would not hesitate to recommend Assetz, and we plan to use them for future deals.”
The Assetz Capital deal team comprised Mark Roberts, relationship director; Jenna Gray, case manager; and Catherine Joynt, senior credit manager.
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