Assetz Capital finances real estate transactions in Northern Ireland

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Manchester-based specialist lender Assetz Capital has financed two home improvement projects in Northern Ireland.

These are the first loans the lender has made there outside of the government-backed CBILS program since the start of the pandemic – as the company continues to grow in the region.

The renovation loans, which would not have been eligible for funding under the CBILS program, were both funded by Assetz Capital’s retail investors from their manual loan accounts.

This allowed two local developers to renovate properties in order to sell or lease the units.

The first project funded is for Kent Homes, an established property developer, who has borrowed £ 129,000 to develop a residential house in the East Belfast area.

The borrower has already delivered five successful projects by Assetz Capital in the region, totaling £ 5.5million across 18 homes.

The second project involves borrower Rugby Avenue, located in Bangor, which is also renovating residential housing in the Belfast area.

Owner David McGowan is a well established real estate developer and regular borrower with Assetz Capital. The property is located in an affluent residential area of ​​the coastal town of Bangor, located 13 miles east of Belfast City. The borrower plans to use the £ 227,000 loan to begin renovations on the detached property immediately and then intends to sell in six months.

Jonny Kirk, Director of Relations at Assetz Capital, said: “We were impressed with how quickly the loans were filled by our investors.

“The appetite is clearly there to move the UK economy. The two borrowers are experienced SME developers, we were able to be flexible with the proposed conditions and support them quickly. It’s great to be able to fund important projects like this.

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