Sterling and Helmsley complete record £1.5m P2P loan

A commercial finance specialist has completed a £1.5 million peer-to-peer loan to bring about a new student housing development in Nottingham.

Sterling Capital Reserve, based in the East-Midlands, brokered the deal which will see a new 46 room purpose-built apartment block erected in Nottingham City Centre, called Six Degrees.

The deal, which marks one of the largest P2P loans on record, has been financed by a group of investors on behalf of a private developer from Nottingham named Taj Ubhi.

Sterling used its wide variety of contacts in the midlands to obtain backing from Richard Peak - Director at development funding specialists Helmsley - whose firm had access to the necessary forms of P2P funding.

Nic Rotton of Sterling Capital Reserve said: “Taj’s story is a familiar one; he is a successful local developer who had found a site and obtained planning permission. He had tried all the usual bank sources with no luck.”

Sterling regularly supports prospective borrowers who have struggled to raise the necessary finance through mainstream banking sources, using its network of high net worth individuals.

Mr Ubhi’s ‘Six Degrees’ project aims to fill a gap in the market to provide a more ??? source of accommodation, as opposed to the larger more traditional buildings which already litter the city centre.

Speaking on the success of working with Sterling Capital, Taj Ubhisaid: “Developers are increasingly turning to brokers such as Sterling to raise finance.

“My advice to others in the same situation is to give Sterling a call – you have nothing to lose and they really do take a personal interest in your scheme.

“Nic and his team have gone beyond the call of duty to make this deal happen, and I couldn’t be happier with the way it’s gone.”