Zenzic Capital, the real estate credit investment manager, has completed over £17 mln (€20 mln) of development finance to fund the construction of 43 residential open market properties across five separate UK schemes.
The five projects, which are well spread across the UK, are all with different SME housebuilders, and have a total GDV of over £25 mln.
The diverse development projects comprise the development of five detached houses in Scorton, North Yorkshire, to an existing Zenzic borrower; the development of nine new build houses for an experienced developer in East Ayton, North Yorkshire; and the equity release and construction of 12 new build houses in a green belt location near Brentwood, Essex.
The other two projects include the conversion of a former pub in Welham Green, Hertfordshire, into three apartments and the development of six further houses on the site; and the conversion of a former pub in Seaford, East Sussex, into four apartments, together with four duplex houses and a pre-let retail unit.
Simon Brown, head of development finance lending at Zenzic Capital, commented: 'Zenzic has established a strong reputation for providing SME developers with much needed capital to address the financing gap created by bank retrenchment in recent years, as well playing a role in the delivery of housing across the UK, which remains in high demand.
'These latest deals continue the firm’s positive momentum and demonstrate the impressive geographic reach of the platform and its wide borrower base. It is especially encouraging to continue working with repeat clients and we look forward to supporting them again on future projects.'
