Assetz Capital has announced it has provided a development finance facility of £490,000 for the construction of two residential flats in Anerley, South London. The 15-month loan is structured at 70% loan-to-value.
The funding will support the building of two one-bedroom garden flats near Crystal Palace Park. These properties will be constructed on a plot situated between two existing homes on an established residential street.
The facility was provided through Assetz Capital’s Elevate range, which was launched last year to support SME property developers building smaller ground-up schemes. This range offers loans from £250,000 to £1.5 million for residential developments of one to 15 units across England and Wales.
Assetz Capital states it has now provided £262 million in facilities for schemes under £1.5 million to date. Andrew Fraser, chief commercial officer at Assetz Capital, stated that creating opportunities for SME housebuilders is necessary to increase housing supply.