Fortwell

Fortwell completes two deals worth £24m



Fortwell Capital has started the year by completing two loans totalling £24m.

The real estate finance lender assisted in the financing of a £16.1m, 49-apartment development in Reading and the second deal was a £15.6m, 22-home scheme in Dulwich (pictured above), south London.

The Reading development was brought forward by Allies Group and brokered by Arc & Co, while the scheme in Dulwich is being undertaken by Prime City Developments.

Fortwell said the two loans re-enforced its focus on supporting developers on larger, more complex real estate financing opportunities as well as expanding its presence beyond central London.

“We’re really pleased to be supporting both developers on these schemes and we’re looking forward to a busy 2018, with a number of other similar loans currently being progressed by the Fortwell team,” said Arthur Jennings, head of real estate finance at Fortwell.

Allies Group felt there was a fantastic opportunity to provide high-quality residential accommodation in Reading, which was becoming an increasingly popular place to live.

“Development of this scale can be expensive, which can make transferring opportunity into reality a difficult prospect, but Fortwell’s support in providing a bespoke financing arrangement means we now have a clear path forwards in terms of progressing the scheme,” said a spokesperson for Allies Group.

“We hope to be on site in Q2 2018.

“Furthermore, our broker Arc & Co understood our business model exceptionally well and provided quick, efficient and effective solutions which were beyond typical structured finance arrangements.”

Charlie Armstrong, asset finance adviser at Arc & Co, added: “We are delighted to have worked with both Allies Group and Fortwell to bring forward a scheme that will be a fantastic addition to the housing stock in central Reading and we look forward to working with both parties on subsequent projects.”

Prime City Developments added that its aim was to provide a collection of modern, high-spec homes in east Dulwich.

“The project is currently in its final phase of construction, and the financing solutions that Fortwell [has] provided so far have been integral in getting us to this point.

“By extending [its] support with this latest loan, Fortwell [has] now put us in [a] strong position to progress the scheme to completion.”

Arthur added: “These projects demonstrate how our expertise in financing larger, more complex transactions can provide a huge boost to developers looking to bring forward schemes in a difficult market.

“Reading has an element of planning risk and through our unique in-house expertise, Fortwell [was] able to fully understand and support the borrower’s business plan.”


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