Assetz Capital funds thirty new luxury Derbyshire homes through CBILS
Assetz Capital has completed a £3.2m development loan for thirty new luxury Derbyshire homes through the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
The developer, Ryton Park Homes, is restoring a former school in Worksop creating 26 new mews houses and four apartments aimed at the over 55s market. The 1920s building – which has been identified as a ‘heritage asset’ but has suffered from anti-social behaviour in recent years – has been empty since the school closed in 2014. The loan has funded the construction and land acquisition costs.
CBILS was created by the government in association with British Business Bank to support the continued provision of finance to SMEs during the Covid-19 pandemic. The scheme has already provided 98,344 loans worth £23.8 bn to UK businesses. Assetz Capital is a specialist lender for SME property developers and has funded over £215m through the CBILS scheme, which will produce over 1200 new homes. The lender is also working through a pipeline of another £150m plus.
Rebecca Hall, regional relationship director at Assetz Capital said: “It’s been a real pleasure assisting a brilliant SME developer in restoring this incredible site of a former school. There’s been plenty of issues documented whilst it’s been empty, so it’s really rewarding to turn it into a development that will not only restore its former glory and heritage, but also provide much needed high-quality housing to over 55s in the area.”