Assetz Capital has completed a £705,000 development finance facility to support the final phase of a residential scheme in Cullybackey, County Antrim, marking the culmination of a 33-unit project in Northern Ireland.
The latest tranche will fund the construction of five homes, including detached and semi-detached properties, forming the fourth and final phase of the scheme. The borrower, described as a repeat client of the lender, has already delivered the previous three phases. The final phase is expected to contribute further to the local housing supply, helping to meet demand in the area.
The deal was arranged by Ciaran McGivern, relationship director for Assetz Capital in Northern Ireland, who said the lender was pleased to back a “strong and reliable regional developer”.
McGivern added: “We are delighted to have now provided the final funding to complete this scheme of 33 units, while supporting a strong and reliable regional developer. The borrower was advised by Kyle Lindsay of Lindsay Commercial Finance, who has been instrumental in agreeing a flexible facility structure aligned to the scheme’s progress since the inception of the development.”
He noted that Assetz Capital’s activity in the region has extended across Ballymena, Ballymoney, Portrush and Coleraine.
“The ability to offer funding from BoE + 4.6%, combined with our speed and appetite, continues to drive developers away from traditional banks and towards more responsive lenders like us,” McGivern said.
Andrew Fraser, chief commercial officer at Assetz Capital, said Northern Ireland remained a key market for the lender, which has now funded the construction of 721 homes across the region.
“Northern Ireland remains a strong area for Assetz Capital where we’ve funded the construction of 721 homes. We are really proud of our developer customer base and what they are delivering across the region. From Belfast to Strabane, if the developer and the scheme make sense, we will try and find a way to support it,” Fraser said.
