Assetz Capital agrees £2.75m development exit loan for Somerset scheme
By Elliot TophamAssetz Capital has agreed a £2.75m development exit loan to support the ground-up construction of a housing scheme comprising of seven townhouses, two detached houses, and one office located in Somerset’s town centre of Frome.
Section: Case Studies
The 60% LTGDV loan carries a term period of six months enabling the developer to complete the last two detached houses with a significant cash release towards the next project — while the exit for the facility is through the sale of the properties.
Jon Pike, relationship director at Assetz (pictured above), said: "We are thrilled to be partnering with such a reputable developer having supported the vision for this exciting project in Frome.”
Andrew Fraser, chief commercial officer at Assetz, added: "This successful deal showcases our expertise in structuring tailored financing solutions to empower property developers.”
Keywords: Assetz, Frome, Somerset, Jon Pike, Andrew Fraser, development exit, short term financing, lender, short term financer