The loan will be used by Cornerstone to deliver five residential units on Acadia Road in Elburton.

Assetz has provided the loan over a 19-month term and structured at 68.27% LTV.

In addition to fully funding the borrower’s build costs, the facility also refinanced demolition works already undertaken by the borrower prior to completion of the loan.

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“This project reflects our ongoing commitment to SME housebuilders providing flexible funding solutions for experienced developers delivering quality housing in the Southwest and across the UK,” said Callum Ferguson, relationship director at Assetz Capital.

“This facility showcases Assetz Capital's desire to fund well designed residential development projects in the South West.

“I am delighted to be working with an upwardly mobile developer on this project who has shown a proactive approach throughout, and looking forward to seeing the project progress.”