Bridging
Vector Capital provides £3.3m for four housing developments
Vector Capital has provided £3.3m of development loans to the Goldcrest Group for four new housing developments.
The developments are located in Woburn Sands and Aspley Heath, Bedfordshire.
With a combined value of £10.7m, the properties across four sites feature 13 apartments at Woburn with a gross development value of £6.5m; two semi-detached homes in Aspley Heath with a value of £1.4m; and the barn-style house at Aspley Heath, with a value of £1.3m.
A further detached property site remains land banked, subject to an appeal for apartments, with a current value £1.5m.
The barn-style house at Aspley Heath has just been completed and features four double bedrooms, a detached double garage, gated parking and a rear garden on a 0.3 acre plot. The site was formerly a scout hut.
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The development loans were used to finance the four sites and will provide ongoing funding for the construction of the properties.
The loan has been secured against first charges with a 68 per cent loan to value (LTV) over four years.
Agam Jain, managing director of Vector Capital, said: “The development loans were processed in under 21 days from the initial application to the drawdown of funds.
“We are looking forward to working with the group on their future developments.”
Matt Evans, director of Goldcrest Group, said: “We continue to grow in strength due to the flexible funding provided by Vector Capital. We have found them extremely efficient and responsive as our financial requirements arise.”