Wakefield development secures multi-million pound CBILS funding through Assetz Capital
Linell Homes Limited (LHL) is resuming the construction of 10 residential dwellings close to Wakefield City Centre thanks to a c.£2.1m facility from Assetz Capital Lending Limited under the Coronavirus Business Interruption Loan Scheme (CBILS).
The building phase was paused due to the nationwide lockdown, but the funding from Assetz Capital Lending Limited addressed LHL’s cashflow issues and kickstarted the development of the residential properties.
With the help of this funding, the new £3m GDV Stanley Court development is set to complete in October 2021, providing ten high-specification three to four bedroom detached and semi-detached new-build residential properties aimed at growing families.
CBILS is a government-backed scheme that helps borrowers who have been impacted by Covid-19 get back on their feet by paying no fees or interest in the first 12 months of the loan. The scheme has recently been extended until the 31st January 2021.
Rebecca Hall, regional relationship director at Assetz Capital, said: “We are very happy to help LHL fulfil its plans for the growth of the business and the development of these new homes. It’s fantastic to see an experienced developer addressing the growing need for more housing in the UK, and there’s already been great interest in the properties.”
David Linell, owner of Linell Homes Limited, said: “Assetz Capital has done some incredible work to get this deal over the line. Our relationship director Rebecca Hall has given us immense support, keeping in contact throughout lockdown to secure funding for the development portion of the project.”
Assetz Capital has offered real world, bespoke lending solutions since 2013, and funded around 1 in every 100 new homes for the last two years and around 1 in 12 of all homes built by SME housebuilders over the same period.