CrowdProperty has completed the financing of a £9.05m GDV development project in Somerset, agreeing a total development finance facility of £5,700,000.
This project will see the construction of 69 homes, of which 35% will be affordable housing, on a 5.04 acre site in Minehead, Somerset.
CrowdProperty is a specialist property development lender providing facilities up to £10m for projects. In the last few months, amongst many new development finance facilities, CrowdProperty has backed more than 10 projects with a GDV of over £2.5m, collectively representing over £40m of GDV.
Agreed over an 18 month term, the 66% LTGDV facility in Minehead, Somerset will enable the developer to construct 59,995 sq. ft. of living space in varying styles, including flats, terraced, semi-detached and detached homes. The initial phase will provide 33 houses, with a total development area of 33,479 sq. ft., of which 13 will be affordable homes. The borrower has forward sold the affordable homes to a Regional Housing Association. This loan will enable the provision of necessary infrastructure for the remaining land, allowing the developer to immediately begin on further development phases as soon as the initial works are completed.
Andrew Hall, property director at CrowdProperty, said: “This project is yet another example of CrowdProperty funding small and medium size developers in order to build more homes and drive spend in the UK economy. As property finance by property people, we understand the needs of developers and work to address the funding pains in the market.
“Our mission is to transform property finance to unlock the power of property developers, focussing on funding quality development projects in liquid markets serving domestic demand at mainstream price points being undertaken by quality small and medium sized property development businesses throughout the UK.”