Aldermore provides £2.45m loan for Southernwood residential Northampton apartment purchase
Aldermore has provided a £2.45m loan to Southernwood Capital to assist with the purchase of a block of apartments in Northampton, East Midlands.
Southernwood is a boutique alternative investment fund manager which specialises in the build-to-rent sector. It was founded in 2014 by Irvine Robertson and has acquired a diverse portfolio of residential assets across the East Midlands.
The Northampton property is a former Victorian factory building on Kettering Road and is located 500m from Northampton’s town centre. It is also in walking distance of the town’s railway station and a major hospital. The building itself contains 25 one-bedroom self-contained apartments over four floors and is part of Southernwood’s first collective investment fund, which features another four properties.
The company won Real Estate Investment Firm of the Year at the Build Awards in 2020 and was named as the Buy-to-Let Newcomer of the Year in the Property Wire Awards in 2017.
Joanna Winterton, head of commercial mortgages south at Aldermore, said: “We’ve been delighted to work with Southernwood, providing the commercial financing they needed for a successful first fund launch. It’s clear that the business has a strong proposition and some high-quality investors behind it. We look forward to continuing to support Southernwood as they prepare for the launch of their second fund.”
Irvine Robertson, founder and managing partner of Southernwood Capital, said: “Joanna and the team at Aldermore have been exceptionally supportive throughout. They really understand fund lending, which is different from property company financing. It needs to be more bespoke, with more variants and covenants. One of the key qualities I was impressed with, has been Aldermore’s agility – they’ve been prepared to make changes to the package as things happened and developed. Joanna has been instrumental in helping us get our last two deals over the line.”
