Randeesh Sandhu

Urban Exposure posts £3.1m loss

Urban Exposure PLC has announced that it made a pre-tax loss of £3.1m for the period between 10th April 2018 and 30th September 2018.

The development finance lender said the loss included exceptional costs of £600,000 and share-based expenses of £300,000.

Urban Exposure also revealed in its interim results that it had committed £168.4m of funding across seven loans, as of 30th September 2018.

The loans are geographically diversified, covering development projects in London, Essex, Buckinghamshire, Cornwall, Nottingham and Wales.

The funding will finance the construction of 598 private residential homes, 86 affordable housing units and around 26,000 sq ft of commercial real estate.

Urban Exposure said that it was optimistic for its growth prospects and had formed a solid foundation from which it expected to generate significant shareholder value in the coming months and years.

 “We are pleased with the quality of our loan book,” said Randeesh Sandhu, CEO at Urban Exposure (pictured above).

“The LTV levels offer better credit protection, being eight to 10 percentage points lower than anticipated, at a weighted average of 60.3%.

“We have been able to negotiate conservative pre-sales levels which also offer enhanced risk mitigation.

“In addition, funding commitments that are both secured and in the pipeline are at a significant quantum.

“We have increased our headcount to help execute the enhanced deal pipeline and asset management relationships, and I am delighted with how the entire expanded team has stepped up to [achieve] our targets and the new reporting and governance requirements of being a listed company.”

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