Ingenious completes two development loans totalling £12.8m
Ingenious Real Estate Finance LLP has completed two development loans totalling £12.8m.
The loans will be used to fund residential development projects in North Devon and the Cotswolds.
Ingenious is providing funding for the development of 22 apartments to a joint venture between Indigo Capital Solutions and Blakesley Estates in the seaside town of Westward Ho!, North Devon.
The facility is £5.3m over a 22-month term, with a loan-to-gross-development-value (LTGDV) of 69%.
In addition, Ingenious has partnered with homes builder Piper Homes to finance a £7.5m loan for 26 family homes in the village of Upper Rissington in the Cotswolds.
The loan term is 21 months with a LTGDV of 70%.
Tom Brown, managing director of real estate at Ingenious, said: “We’re really pleased to be able to support these two projects in Devon and the Cotswolds.
“This represents the third time we have worked with Piper Homes and we’re delighted to be working with them again on this exciting new development.
“As the economy continues to reopen and recover, we are determined to source, fund and commit to high quality developments across the UK and continue to seek further, similar development opportunities.
“We are cautiously optimistic about the prospects for the real estate sector, particularly the continued demand for residential property, and we remain committed to providing flexible, cost effective financing solutions for our clients.”