Assetz Capital

Developer secures £9.9m facility from P2P platform

Assetz Capital has provided a loan of around £9.9m to 9 Property Group (9PG) for the development of a new student accommodation complex in Nottingham city centre.

The £14m scheme – which is expected to be completed in September 2018 – will transform the former Archer House site which comprised a six-storey, multi-let office space.

The funding from the peer-to-peer platform will enable the company to refurbish the existing site and convert it into a 177-bed student accommodation scheme.

Archer House
Archer House development

9PG and its chief executive Taj Ubhi currently own nearly £40m worth of properties.

Neil Roper, regional relationship director at Assetz Capital, said: “We have been impressed by the drive and the entrepreneurial spirit of Taj and the rest of the team at 9PG.

“They have very quickly developed a number of significant projects across the East Midlands and are now reaping the rewards by letting out quality spaces.”

Taj added: “I have been working in the property market for a number of years and have naturally progressed into developing student accommodation.

“The latest site in Nottingham will provide students with easy access to both universities as well as the bars, restaurants and other leisure facilities within the city centre.

“I first partnered with Assetz a few years ago on a development loan worth £1.5m, which was the largest peer-to-peer deal in the country at the time.

“They were introduced through a broker and I’ve worked with them on several projects since.

“With peer-to-peer, most people automatically think it’s expensive, but it’s an excellent form of alternative finance that helps to get the deal over the line and take your business to the next step.

“My experience of dealing with the high street banks has been a bit trickier and you don’t get to deal with people in leadership roles.”

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