The facility will support the development of a 21-unit residential scheme, Cogress’s third deal with this development partner.
The transaction takes the gross funds deployed by Cogress to £172m across 52 UK projects to date.
Callum Ferguson, head of origination at Cogress, said that this year marked a significant turning point for Cogress.
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“We are investing heavily in key strategic areas of the business as we scale up and move beyond the start-up phase.
“On the lending side, we have £70m to deploy to SME developers in 2019 — those with developments between £8m and £80m GDV — as either joint venture equity, traditional mezz or stretch mezz.
“While we will continue to do deals in the Greater London area, we also have a significant pipeline of regional projects, and we intend to step up our activity in these areas over the next 12 months.”