Assetz Capital has provided a \u00a36.25 million development facility to Marie Thomas Homes for a 22-unit residential scheme in Lancaster. The project includes a mix of two to five-bedroom houses and two one-bedroom apartments, with 30% designated as affordable housing.<\/p>\n
The facility is structured at 71% loan-to-gross-development-value (LTGDV) and includes provisions for recycling \u00a3200,000 of sales proceeds back into the project. The financing arrangement also allows the developer to defer a portion of its equity contribution into the construction phase.<\/p>\n
Mark Whelan, managing director at Marie Thomas Homes, said the company approached Assetz Capital for senior facility funding after a proposed mezzanine lender failed to deliver. \u201cIn what has been an incredibly challenging market, we approached Assetz Capital to provide a stretch senior facility after our proposed mezzanine lender was not showing signs of delivering,\u201d Whelan stated.<\/p>\n
Whelan noted that the company spent three years securing planning permission for the site in what he described as a desirable area of Lancaster.<\/p>\n
\t <\/p>\n
Mark Roberts, relationship director at Assetz Capital, said the transaction demonstrates the lender\u2019s capacity to structure facilities outside typical lending criteria. \u201cWe\u2019ve provided a \u00a36.25m facility at 71% LTGDV for a 22-unit scheme to a well-established family development firm, which sits right in our sweet spot for supporting SME housebuilders,\u201d Roberts said.<\/p>\n
The financing structure includes early-stage flexibility designed to address cash flow requirements during initial construction phases. Dave Symondson of Devbrok facilitated the funding arrangement.<\/p>\n
The development adds to the pipeline of mixed-tenure housing schemes targeting family buyers and affordable housing requirements in the Lancaster area.<\/p>\n","protected":false},"excerpt":{"rendered":"
Assetz Capital has provided a \u00a36.25 million development facility to Marie Thomas Homes for a 22-unit residential scheme in Lancaster. The project includes a mix of two to five-bedroom houses and two one-bedroom apartments, with 30% designated as affordable housing. The facility is structured at 71% loan-to-gross-development-value (LTGDV) and includes provisions for recycling \u00a3200,000 of […]<\/p>\n","protected":false},"author":1,"featured_media":7885,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n