The loan – provided to Sheen Lane Developments Ltd – is the largest the alternative property lending specialist has completed since launching in 2011.
Sheen Lane Developments’ proposed project will see an existing office building in north Harrow converted into 203 self-contained flats under permitted development rights.
Zorin’s facility will assist with the purchase of the existing site as well as the conversion into residential units.
The developer has also submitted a planning application for a 224-bed scheme, a further 21 units, which is pending approval.
“Zorin Finance offered us an attractive borrowing proposition as always,” said Martin Tynan of Sheen Lane Developments.
“Their process is simple, flexible, transparent and their ability to move so swiftly makes them a real pleasure to work with.
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“As a business, this is really important to us and gives us an edge in a competitive marketplace.”
Andrew Scotting, head of loan origination at Zorin Finance (pictured above), added: “It’s been a pleasure working with Sheen Lane Developments on this project, we have already successfully funded six schemes for them over a two-year period and the fact that they are using us again is a testament to our offering.”
This completion takes Zorin’s lending to date to over £275m and Luke Townsend, founder and CEO, added that it was clear from the success that it had to date that SME developers welcomed its approach.
“It is evident that alternative lenders, such as Zorin, are one of the few lenders in the marketplace with the ability to provide a loan of this size and the service of this quality given the high rates of leverage that we are able to offer.
“The combination of our real estate, asset management and technology expertise enables us to deliver a superior service, which we believe will help continue to grow our market share for many years to come.”