Ingenious completes two new real estate development loans totalling GBP12.8m
Ingenious Real Estate Finance has completed two new loans totalling GBP12.8 million to fund new residential development projects in North Devon and the Cotswolds.
Ingenious is providing funding for the development of 22 apartments to a joint venture between Indigo Capital Solutions and Blakesley Estates in the seaside town of Westward Ho!, North Devon. The facility is GBP5.3 million over a 22-month term, with a Loan-to-Gross-Development-Value (LTGDV) of 69 per cent. The apartments will benefit from sea views and be completed to a high specification.
In addition, Ingenious has partnered with established new homes builder, Piper Homes, to finance a GBP7.5 million loan for 26 family homes (four flats and 22 houses) in the village of Upper Rissington in the Cotswolds. The loan term is 21 months with a LTGDV of 70 per cent. The new homes will be ideally situated just a short walk from the outstanding Rissington Primary School as well as local amenities. This will be the third project on which Ingenious has partnered with Piper Homes.
Tom Brown, Managing Director of Real Estate at Ingenious, says: “We’re really pleased to be able to support these two projects in Devon and the Cotswolds. This represents the third time we have worked with Piper Homes and we’re delighted to be working with them again on this exciting new development.”
“As the economy continues to reopen and recover, we are determined to source, fund and commit to high quality developments across the UK and continue to seek further, similar development opportunities. We are cautiously optimistic about the prospects for the real estate sector, particularly the continued demand for residential property, and we remain committed to providing flexible, cost effective financing solutions for our clients.”
Formed in 2013, Ingenious Real Estate focuses on providing senior development and bridging finance to well-designed schemes in locations across the UK that have a proven demand. Typical loan terms are 18-30 months, and the team has since completed more than GBP480 million worth of transactions. The current portfolio balance is weighted towards residential, with the majority of Ingenious developments qualifying for Help to Buy.
In September 2020, Ingenious became the first alternative lender to become a member of the UK Green Building Council (UKGBC). As part of this membership, Ingenious is actively seeking to engage through training programmes, thought leadership and access to the latest research so that it helps drive sustainable standards within the sector.