Assetz Capital has announced a development exit deal in partnership with Healdan, a property development and construction business based in Bedfordshire.
The deal involves the financing of a barn conversion project, consisting of six homes, in Millbrook, Bedfordshire.
Under this loan agreement, Assetz Capital has provided Healdan, headed by experienced developer Anne-Marie Lobo, with a loan amount of £3,150,000. The development exit loan has been structured with a loan-to-gross development value (LTGDV) of 65%. The agreement spans a duration of 12 months, allowing ample time for the completion of the project and subsequent sale of the converted barns.
Healdan is committed to transforming the former agricultural barns into six high spec homes.
Andrew Fraser, CCO of Assetz Capital, said: “We are delighted to support Healdan and provide funding for the barn conversion project in Millbrook. This collaboration highlights our commitment to supporting experienced SME housebuilders like Anne-Marie Lobo and enabling them to transform unique properties into highly desirable residences.
“We look forward to witnessing the successful completion of this project and the construction of exceptional homes for future residents.”
Lobo added: “We found Assetz Capital highly supportive of the barn conversion project and we received competitive financing terms. We look forward to working with Ricky and the Assetz team on future projects.”
