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Sun July 21 2024

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SME builders get £17m boost for resi developments

17 Jun Investment company Zenzic Capital has provided around £17m of development finance to fund the construction of 43 residential open market properties across five separate UK schemes.

Simon Brown is head of development finance lending at Zenzic
Simon Brown is head of development finance lending at Zenzic

The five projects, which are well spread across the UK, are all with different SME housebuilders, and have a combined gross value in excess of £25m. The projects comprise:

• Five detached houses, each with a private garden and garage in Scorton, North Yorkshire, to an existing Zenzic borrower,

• Nine new-build houses for an experienced developer in East Ayton, North Yorkshire,

• Equity release and construction of 12 new houses in a green belt location near Brentwood, Essex,

• Conversion of a former pub in Welham Green, Hertfordshire, into three apartments and the development of six further houses on the site,

• Conversion of a former pub in Seaford, East Sussex, into four apartments, together with four duplex houses and a retail unit (pre-let to a national retailer).

Simon Brown, head of development finance lending at Zenzic said: “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.”

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