Ingenious completes three new real estate development loans totalling GBP20m
Ingenious Real Estate Finance has completed three new loans totalling GBP20 million to fund regional family homes in Felixstowe, Gateshead and Abberley, Worcester.
In Felixstowe, Ingenious Real Estate has agreed a development finance facility of GBP10.3 million over 18 months with existing client Generator Group, to fund the development of 21 three and four bedroomed family homes and 10 one and two bedroomed flats. This latest agreement represents a loan to gross development value (LTGDV) of 70 per cent, linking in with earlier phases of an existing and proven project.
In Gateshead, Ingenious Real Estate has agreed a development finance deal with The Morton Group Ltd to support the development of 17 family homes. The development features a mix of three, four and five bedroomed properties in Street Gate. The facility of GBP4.6 million has been agreed over 18 months for an LTGDV of 68 per cent.
In Abberley, Ingenious Real Estate has agreed a development finance facility with a regular client, Piper Homes. This is the 4th deal between Ingenious and Piper Homes. The finance facility of GBP5 million over 21 months has an LTGDV of 70 per cent. The Abberley site, in the countryside between Worcester and Tenbury Wells will offer a range of 25 two, three, four and five bedroomed homes, including two bedroomed bungalows with excellent finishes throughout.
Tom Brown, Managing Director of Real Estate at Ingenious, says: “We’re delighted to support these projects in Felixstowe, Gateshead and Worcester, they illustrate our continued strategy of funding regional family homes from across the UK as people search further afield for more outside space, homes with gardens and practical workspaces. We’re pleased to be supporting our developer partners with these projects.”