Commercial Finance
Downing LLP completes £11.1m in property finance deals in a month
Investment manager Downing LLP has completed £11.1m in property development loans for residential schemes in a month.
The lender said this was a sign of its “building on strong growth” and follows it exceeding the £300m lending milestone in July.
Some of the deals completed in the last month include residential developments in Wakefield, West Yorkshire; East Studdal in Kent; Hitchin in Hertfordshire; and Gerrards Cross in Buckinghamshire with new and existing clients.
These projects will each deliver between two and 12 family homes for owner-occupiers.
The firm typically lends between £1m and £25m to experienced developers up to 90 per cent loan to cost and 70 per cent loan to gross development value.
It lends against residential projects, non-speculative commercial developments and specialist sub-sectors such as student accommodation.
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Parik Chandra, partner and head of specialist lending at Downing LLP, said: “The latest deals highlight our ability to continue growing the portfolio in very tough macro conditions and a competitive market. We remain committed to supporting SME developers in the face of challenging conditions.”