£2.7m investment deal for new luxury apartments

A £2.7m investment/development finance deal has been agreed to build apartments in Scarborough.

Leeds-based commercial finance broker, Xander Wealth Commercial Finance, has sealed the deal with a local developer for the construction of the 17 homes in Filey Road.

Work on the scheme is due to begin imminently and will be completed by August 2021.

The apartments will be located near the town centre, the railway station and the beach. They have been designed to be environmentally friendly and will also have wheelchair access.

Xander Wealth founder, Kristian Alexander Wilkinson, said: “This will be a wonderful addition to the local community of Scarborough, offering high specification, eco, accessible apartments suitable for people of all ages, with potential for tourists and permanent residents alike.”

Xander Wealth was established in 2017 and offers a range of finance products, including development finance, bridging loans, commercial mortgages and ‘Buy to Lets’ for limited companies.

To date the business has arranged funds worth over £4.2m. It is now working on a small housing scheme in Castleford as well as one in Barnsley.

Wilkinson added that he aims to establish his own credit line for the development of housing and commercial schemes across the county.