“Affluent” South London residential development secures multi-million-pound loan

Assetz Capital has announced that it has funded a loan of £2.83m for a new residential development in the “affluent” area of Purley, south London.

The loan has been granted to a first-time developer, who is working with a highly experienced contractor to build six self-contained flats and three three-bed terraced dwellings on a leafy residential street in Purley. The development is a 12-month build, with a six-month sale period.

The loan has a month term of 18 months and a Loan-To-Gross-Development-Value (LTGDV) of 67 per cent. The borrower will use the funds to cover the costs of the construction and sale of the development.

Andrew Fraser, chief commercial officer of Assetz Capital, commented: “We are pleased to be supporting this exciting new residential development in Purley.

“Despite the current economic climate, we remain committed to providing much-needed funding for property developers across the UK, particularly in areas such as Purley where demand for high-quality housing continues to be strong.”

Scott Pamflett, relationship director at Assetz Capital, added: “It’s an absolute pleasure to be able to support our clients with this opportunity and a great example of how Assetz Capital is able to help property developers across London and the South East.”

Assetz Capital is known for its “flexible and transparent” approach to alternative finance, providing loans for a range of projects, from residential and commercial developments to refurbishments and buy-to-let investments.

By Matthew Neville – Senior Correspondent, Bdaily

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