Assetz helps fund eight new homes in rural area of Highworth
Assetz Capital has provided a £3.1m loan to Eastrop Barns Ltd to fund the construction of eight new homes in Highworth, near Swindon.
The site, which is in a semi-rural location of Highworth, is built on farm land located 10 minutes from Highworth town centre. The development will consist of three luxury converted modern farm buildings, three large historic barn conversions with integrated parking and two refurbished workers’ cottages. There will be a mixture of three, four and five bedroom houses across the whole development.
Eastrop Barns Ltd has been established specifically for this development, with director Nigel King acting as project manager and lead builder for the construction. King has a wealth of knowledge within the field and has an impressive track record in development, having spent the last 10 years in house building. Construction started in July 2019 and is expected to complete within 12 months.
Since 2013, the Assetz Capital has lent over £880m to UK SMEs and house builders. As well as funding housing developments, the company also fund projects such as commercial properties, care homes and purpose build student accommodation (PBSA). The marketplace lender funded new housing projects last year representing the equivalent of one in every 100 new homes built.
Nigel said: “We have been impressed with Assetz Capital’s knowledge of the market and speed of delivery, which has allowed us to make a start on construction and target completion in less than a year. We look forward to continuing our work with Assetz over the course of construction and beyond.”
David Hales, relationship director at Assetz Capital, said: “We have a commitment to support ambitious developers in their quest for building more houses and meeting the country’s demand for quality new homes. Placing our funds into property development means that we are able to make a positive impact on the housing market. This particular development will positively impact Highworth, creating jobs, fuelling growth into the town and adding to the luxury property market, making the area more desirable for future property owners.”