en.Wedoany.com Reported - UK-based Assetz Capital has provided £2.3 million in development financing for a residential development project comprising six bungalows in Lea, Herefordshire, after the original lender withdrew funding on the scheduled completion date.
This 16-month financing arrangement, with the loan amount representing 70% of the gross development value, supports developer Marches Homes in demolishing an existing loft bungalow on a 0.78-acre site on the High Street and constructing six new eco-loft detached bungalows. Each property in this residential development will offer three bedrooms, with some also including a study or storage room that could serve as a fourth bedroom. All six homes are being built to an A-rated energy efficiency standard.
Mark Roberts, Relationship Director at Assetz Capital, said: "We stepped in at a critical moment for this residential development project, providing funding certainty when the original lender withdrew on the completion date. We acted decisively, underwrote quickly, and delivered within the revised timeline, ensuring the transaction proceeded smoothly, protecting the promoter's interests, and keeping the project on track."
Miles Pattison-Appleton, Land Director at Marches Homes, said the original lender withdrew after a period of delay. "Assetz Capital stepped in quickly and stabilised the situation. We soon found the team to be professional, efficient, and proactive, driving professional reports and legal matters through to completion, and remaining patient during delays in title registration."
Assetz Capital's transaction team included Relationship Director Mark Roberts, Case Manager Jenna Gray, and Senior Credit Manager Catherine Joynt. This residential development financing arrangement comes as off-plan sales have fallen to their lowest level since 2013, reflecting the broader pressures facing small housebuilders.
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