The deal was in partnership with a local developer.
The Leeds-based commercial finance brokerage completed the deal in May, and work on the scheme is due to start imminently, with it expected to be completed by August 2021.
The apartments — which will have wheelchair access — will be constructed using insulated concrete, made with rigid thermal insulation and interlocking modular units which are dry-stacked and filled with concrete.
Some of them have views of Scarborough’s south bay, and are located near the town centre, train station and beach.
- Funding dependent on loan book redemptions to finance current commitments could become 'problematic'
- '2020 and beyond will no doubt place pressure on existing brokers to upskill'
- P2P lenders 'must be part of the solution' to avoid protracted impact on housebuilding activity
Kristian Alexander Wilkinson, founder of Xander Wealth Commercial Finance
Kristian Alexander Wilkinson, founder of Xander Wealth, commented: “This will be a wonderful addition to the local community of Scarborough, offering high-specification, eco, accessible apartments suitable for people of all ages — with potential for tourists and permanent residents alike.”
Xander Wealth can arrange development finance, bridging loans, commercial mortgages, and BTL for limited companies.
Since inception, it has arranged funds worth over £4.2m.