"This project reflects our ongoing commitment to SME housebuilders providing flexible funding solutions for experienced developers delivering quality housing in the Southwest and across the UK"
- Callum Ferguson - Assetz Capital
Assetz Capital has completed a £2,509,000 development finance facility to support the delivery of Valley View, a five-home residential scheme by Cornerstone in Elburton, Devon.
Situated on land east of Arcadia Road within an established residential area on the outskirts of Plymouth, the scheme comprises five four-bedroom detached family homes, each with generous private gardens.
The 19-month facility was structured at 68.27% loan to gross development value, covering the full build costs and refinancing demolition works already carried out by the borrower before the loan completed.
Two reservations have already been secured ahead of the scheme's completion, pointing to strong early demand for quality family housing in the area.
"It has been a pleasure to support this developer delivering a well-designed 5-unit scheme on the outskirts of Plymouth," said Callum Ferguson, relationship director at Assetz Capital. "This project reflects our ongoing commitment to SME housebuilders providing flexible funding solutions for experienced developers delivering quality housing in the Southwest and across the UK.
"This facility showcases Assetz Capital's desire to fund well-designed residential development projects in the South West. I am delighted to be working with an upwardly mobile developer on this project who has shown a proactive approach throughout, and looking forward to seeing the project progress."
Kieran Payne, finance consultant at Aureum Insurance, arranged the facility. "We are delighted to complete this transaction with Assetz Capital," he said.
"I have worked with Callum several times before at previous lenders and I am glad to see that he has taken the same hands-on approach to Assetz. That, paired with the resilience of Fran to push the deal along, has been invaluable. The flexible and commercial approach provided the developer with a funding solution that allows the borrower to hit the ground running with the development."
The Assetz Capital deal team comprised Ferguson alongside case manager Fran Bayford and senior credit manager Ian Hatch.
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