A marketplace lender named Assetz Capital has provided £3.1M in funding, though only in the form of a loan, to the company Eastrop Barns Ltd for the purpose of constructing eight new luxury homes in Highworth near Swindon in the South West.
The Eastrop Barns Ltd construction project will be comprised of the conversion of three luxury farmhouse buildings, three large barn conversions, and the renovation of two workers cottages, with each development consisting of a mixture of three, four, and five-bedroom buildings.
Construction began on these eight developments in the July of 2019 and are scheduled to continue for a year, with the completion of the homes predicted for the July of 2020.
Assetz Capital have, since 2013, issued funding that totals a figure of £880M to small-to-medium-sized-enterprises (SMEs) and housebuilders in the UK to fund projects that entail the construction of commercial properties, care homes, and even student accommodation.
The Director of Eastrop Barns Ltd, Nigel King stated: “We have been impressed with Assetz Capital’s knowledge of the market and speed of delivery, which has allowed us to make a start on construction and target completion in less than a year. We look forward to continuing our work with Assetz over the course of construction and beyond.”
The Relationship Director at Assetz Capital, David Hales added: “We have a commitment to support ambitious developers in their quest for building more houses and meeting the country’s demand for quality new homes.
“Placing our funds into property development means that we are able to make a positive impact on the housing market. This particular development will positively impact Highworth, creating jobs, fuelling growth into the town and adding to the luxury property market, making the area more desirable for future property owners.”
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