Assetz Capital has reported a recent agreement for a development exit loan in Frome, Somerset.
The lender will be providing financing to support the ground-up development of a scheme comprising seven townhouses, two detached houses and one office, located in the heart of the town centre.
The loan, valued at £2.75 million, represents 60% of the loan-to-gross development value (LTGDV). It will enable the developer to complete the last two detached houses with a significant cash release towards his next project.
Jon Pike (pictured), relationship director at Assetz Capital, said: “We are thrilled to be partnering with such a reputable developer having supported their vision for this exciting project in Frome.
“Assetz Capital is proud to be contributing to the development of vibrant communities.
“We are focused on customer delivery with a common-sense approach to lending and supporting SME housebuilders.”
Andrew Fraser, Assetz Capital’s chief commercial officer, added: “This successful deal showcases Assetz Capital’s expertise in structuring tailored financing solutions to empower property developers.”