Finance provider backs Somerset scheme

Specialist finance provider Assetz Capital has agreed a deal for a development exit loan in the town of Frome, Somerset.

The lender will be providing financing to support the development of a scheme comprising seven townhouses, two detached houses, and one office.

The loan, valued at £2.75m, represents 60 per cent of the loan-to-gross development value (LTGDV), demonstrating the lender’s confidence in the project’s success.

Jon Pike, relationship director at Assetz Capital,said: “We are thrilled to be partnering with such a reputable developer having supported their vision for this exciting project in Frome.

“Assetz Capital is proud to be contributing to the development of vibrant communities. We are focused on customer delivery with a common-sense approach to lending and supporting SME housebuilders.”

Assetz Capital’s chief commercial officer, Andrew Fraser, added: “This successful deal showcases Assetz Capital’s expertise in structuring tailored financing solutions to empower property developers.”