The development finance firm made the announcement during its pre-close trading update covering 9th May – when it was listed on the AIM – to 31st October 2018.
In this period, Urban Exposure closed £230m of loan commitments across 10 projects, for the construction of 960 residential units and connected mixed-use space.
Of the loans that have closed, the internal rate of return (IRR) was in line with expectations.
- Urban Exposure closes three loans worth £104m
- Urban Exposure to finance Welwyn Garden City development
- Octopus originates £100m of new lending in record month
The average term of these loans was 28 months, while the weighted average LTGDV was 63%.
Urban Exposure is currently working on a number of new loans with aggregate potential commitments of over £300m, which it expects to close by year end.
The company's financial year ends on 31st December, with half-yearly financial statements to 30th June in each year.
The first financial report for the company will be for the adjusted period from 10th April 2018 to 30th September 2018, which it expects to publish in December 2018.
Pictured above: Randeesh Sandhu, chief executive at Urban Exposure