Funding team revealed behind 124-bed student development

Winrise One has received over £6.4m of funding from peer-to-peer lender Assetz Capital, to help build a 124-studio apartment unit in Nottingham.

Leicestershire-based developer Winrise One secured the funding to finance the scheme at 32 Russel Street, Nottingham. The project marks the first large-scale venture by the developers, with the firm having previously completed small-to-medium sized projects across Leicester.

Construction on the Rise Nottingham project started in June 2017 and was completed in September 2018. Prior to completion, all units were let to students, allowing the developer to refinance the loan into the mainstream market.

Neil Roper, relationship director for the East Midlands at Assetz Capital, said: “We are seeing growing numbers of university students in the UK, and Nottingham remains one of the country’s most popular destinations for further education. This surge in demand has significantly strengthened the PBSA sector, and peer-to-peer funding is providing a much-needed capital injection for a growing list of projects nationwide.

“It’s great to see how, in the space of less than 16 months, a major scheme such as Rise Nottingham can develop into a fully occupied building. This is testament to the speed of delivery that peer-to-peer funding offers in comparison to traditional forms of finance. It’s a pleasure to have supported Winrise One in fulfilling its first ever large-scale endeavour, and we are confident the team will continue to deliver first-class projects in the future.”