Assetz Capital

Assetz Capital provides £7.2m facility to fund NI development



P2P lender Assetz Capital has provided a £7.2m facility to a property developer to fund the construction of 55 homes in Mid-Ulster, Northern Ireland.

N&R Devine Group specialises in affordable housing, with projects ranging from private residential properties to commercial and social housing.

The 55 homes are spread across three of the group’s developments: 20 homes in Cookstown, 25 in Coalisland and a further 10 situated in Sion Mills.

Of the 55 homes, 31 are mid construction, with 15 agreed or sold.

The developer is aiming to complete the construction by spring 2020.

“With Assetz Capital’s support, we have the funding to execute our plans and construct these homes on schedule,” said Niall Devine of N&R Devine Group.

“Andrew [Fraser] and his team were able to provide a flexible facility that met our requirements, and we are looking forward to continuing our work with the firm as we target future projects.”

Andrew Fraser, relationship director at Assetz Capital, added: “We were impressed by the scale and ambition of Niall’s plans, and they required a facility to get the projects over the line to meet demand.

“N&R Devine Group has an excellent reputation for quality, very affordable family housing in the region, so we were keen to work with the firm to deliver these properties in a timely fashion.

“With the majority of the homes already booked or sold, we have no doubt that the finished project will be a huge success for the group.” 

Last week, Assetz Capital announced that it has lent over £700m to SMEs and property developers since launching in 2013.


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