Marketplace lender provides £950,000 to Wirral property development
Assetz Capital has supported WGJ Properties with a £950,000 loan for the development of 14 two-bedroom apartments in New Brighton, on the Wirral.
The apartments include two bedrooms, a bathroom and reception area as well as an integrated kitchen. The properties also boast private parking with a Church, library and health centre all nearby. This project is WGJ’s second property development of this scale, and its first site on the Wirral.
The loan will be used for the construction of the entire facility which is based on Magazine Lane – Wallasey, New Brighton. The average price of one apartment is £120,000, with the build due for completion in February 2020. The deal was introduced to Assetz Capital by John McNamara, CEO at Focus Commercial.
Since establishing in 2013, Assetz Capital has lent over £900m to UK SMEs, funding projects such as commercial properties, housing developments, care homes and purpose-built student accommodation (PBSA). The marketplace lender funded new housing projects last year representing the equivalent of 1 in every 100 new homes built.
William Roscoe, managing director of WGJ Properties, said “Working with Assetz Capital and Focus Commercial has been an efficient process, aided by the speed of the payment process which really benefited the smooth running of the build. This is our second major development and we are proud to be increasing the availability of homes in the Wirral with this project.”
Mark Davidson, relationship director of Assetz Capital, said: “Funding the construction of this development has been an exciting process and one that we were keen to support. We felt that this site would not only benefit the area of New Brighton, but also support us on our mission to positively affect the UK housing market.”
John said: “Working with Mark at Assetz has been excellent. The lender drawdown and terms of lender due diligence were agreed within six weeks, meaning we achieved an incredibly quick turnaround. This shows the true value of an excellent working partnership between broker and lender, and Mark and his team have been fantastic.