A peer-to-peer lending specialist has completed a £3.2 million development loan for 30 new luxury Derbyshire homes through the government-backed CBILS scheme.
Assetz Capital is helping developer Ryton Park Homes restore a former school in Worksop creating 26 new mews houses and four apartments aimed at the over-55s market.
The 1920s building – which has been identified as a ‘heritage asset’ but has suffered from anti-social behaviour in recent years – has been empty since the school closed in 2014. The loan has funded the construction and land acquisition costs.
READ MORE: {}
CBILS was created by the government in association with British Business Bank to support the continued provision of finance to SMEs during the Covid-19 pandemic.
The scheme has already provided 98,344 loans worth £23.8 billion to 海角视频 businesses.
Assetz Capital is a specialist lender for SME property developers and has funded over £215 million through the CBILS scheme, which will produce over 1,200 new homes.
The lender is also working through a pipeline of another £150 million-plus in funding.
It was launched in 2013 and since then has lent more than £1 billion to businesses and paid more than £100 million of gross interest to investors – many of them retail investors investing savings.
Most Read
Rebecca Hall, regional relationship director at Assetz Capital said: “It’s been a real pleasure assisting a brilliant SME developer in restoring this incredible site of a former school.
“There’s been plenty of issues documented whilst it’s been empty, so it’s really rewarding to turn it into a development that will not only restore its former glory and heritage, but also provide much needed high-quality housing to over 55s in the area.”