Assetz Capital

Developer secures £1.9m from P2P platform for Merseyside projects

Mitty Group has secured £1.98m worth of funding from Assetz Capital to develop two new residential and leisure sites in Merseyside.

The Liverpool-based property developer plans to transform a former barn and a row of Victorian townhouses.

Assetz Capital provided a £1.04m loan to fund Mitty’s Burscough Street development (pictured above).

Mitty will use the finance to restore a 350-year-old Grade II-listed pub and transform a former barn into a 15-bed student housing block with a restaurant space on the ground floor.

Regency Court development in Liverpool

The peer-to-peer lending platform also provided Mitty with a £942,000 facility to fund the latter’s Regency Court development in the Old Swan area of Liverpool.

The finance will allow Mitty to transform Victorian townhouses and former function suites into 16 luxury apartments, with completion expected for September 2018.

“As a business, we pride ourselves on restoring listed buildings to their former glory and the funding from Assetz has enabled us to get these two projects off the ground,” said Adam Mitty, managing director at Mitty Group.

“We’re very excited about working with Assetz.

“It’s my first experience of P2P finance, which came highly recommended.

“You get a much more personal service than dealing with the banks and it helps massively that the decision makers are only a call away.”

Mark Davidson, regional relationship director at Assetz Capital, added: “We’re pleased to be working with Mitty Group as they have an excellent track record of developing sites in the Merseyside area.

“We have a highly experienced property team here at Assetz Capital and are continually working with developers all across the UK to structure competitive funding that helps to get projects up and running in a short timeframe.”

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