Ingenious Real Estate Finance LLP has completed three new development loans totalling £20 million.
The largest of these schemes is in Felixstowe, Suffolk. The firm has agreed on a development finance facility of £10.3 million over an 18-month period with client Generator Group, to fund the development of 21 three- and four-bedroom houses and 10 one- and two-bedroom flats. The agreement represents a loan to gross development value of 70 per cent, linking in with previous phases of an existing and proven project.
The other funds are going towards schemes in Gateshead, Tyne and Wear and Abberley, Worcestershire.
Tom Brown, Managing Director of Real Estate at Ingenious, commented: “We’re delighted to support these projects in Felixstowe, Gateshead and Worcester, they illustrate our continued strategy of funding regional family homes from across the UK as people search further afield for more outside space, homes with gardens and practical workspaces. We’re pleased to be supporting our developer partners with these projects.”
Ingenious Real Estate was formed in 2013 and focuses on providing senior development and bridging finance for schemes across the UK with a proven demand. Loan terms are usually 18 to 30 months, and the company has completed more than £590 million worth of transactions to date, with the portfolio weighted towards residential.
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