17 June 2024: Zenzic Capital (“Zenzic”), the real estate credit investment manager, has completed over £17 million of development finance to fund the construction of 43 residential open market properties across five separate UK schemes.
The five projects, which are well spread across the UK, are all with different SME housebuilders, and have a total GDV of over £25 Million. The diverse development projects comprise:-
- The development of five detached houses, each with a private garden and garage in Scorton, North Yorkshire, to an existing Zenzic borrower;
- The development of nine new build houses for an experienced developer in East Ayton, North Yorkshire;
- The equity release and construction of 12 new build houses in a green belt location near Brentwood, Essex;
- The conversion of a former pub in Welham Green, Hertfordshire, into three apartments and the development of six further houses on the site; and
- The conversion of a former pub in Seaford, East Sussex, into four apartments, together with four duplex houses and a retail unit (pre-let to a national retailer)
Zenzic’s experienced development finance team, led by Simon Brown, is ideally placed to support experienced and capable developers throughout the whole of the UK and where required has the ability to provide higher leverage above that offered by the majority of the market on transactions.
Source: press release sent 17 June 2024