Ingenious completes four new real estate development loans
Ingenious is today delighted to announce that Ingenious Real Estate Finance LLP (Ingenious Real Estate) has completed four new loans totalling £52m to fund new residential developments in Liverpool and across Greater London.
In Liverpool, Ingenious has agreed a development finance facility of £32.5m over 24 months to fund the remaining construction of 1,000 student units with café, gym, cinema, dining rooms, and study rooms in the city’s Knowledge Quarter.
In London, Ingenious has agreed three loans totalling £19.8m for developments in Harrow, Hadley Wood and Croydon.
A facility of £11.4m over a 22-month term, with a LTGDV of 70% has been agreed with developer Tremula Investments Limited to fund 40 flats in Harrow, North West London.
In Hadley Wood, North London, a £5.9m development finance facility has been agreed with Toorak Apartments Limited over a 22-month term with a LTGDV of 66% to fund the demolition of the existing building and construction of a block of nine apartments – all completed to a high specification.
Finally, a £2.5m facility has been agreed with Zunikh Property Developments to fund the development of six townhouses in Croydon, South London. Each unit benefits from three bedrooms, a study, private garden and roof terrace.. The loan term is 18 months with a LTGDV of 70%.
Tom Brown, managing director of real estate at Ingenious, commented: “We’re really pleased to be able to support these projects in Liverpool and across London. We continue to see appetite for quality development deals across the country as pricing & demand remain strong. We’re delighted to be working with all our partners on these projects and look forward to progressing with each development.”
These latest loan agreements represent the continued demand for residential real estate development across the UK, despite initial concerns around delays to construction as a result of the impact Covid-19 had on the sector. Previous deals this year include a £19m loan facility with property developer Citu, to fund the next 120 units at the Climate Innovation District (CID), the UK’s largest sustainable development, in Leeds; a £5.3m loan facility to a joint venture between Indigo Capital Solutions and Blakesley Estates for a development in the seaside town of Westward Ho!, North Devon and a partnership with Piper Homes, to finance a £7.5m loan for 26 family homes in the village of Upper Rissington in the Cotswolds.
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 12-30 months, and the team has since completed more than £500m 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.
