The specialist lender is now funded by two institutional investors, with Avenue being granted exclusivity to fund up to 80% of Zorin’s future deal flow. 

Founder & CEO Luke Townsend (pictured above) and Sir John Beckwith and family will continue to personally fund a percentage of every loan Zorin makes.

Avenue Capital manages an estimated $9.6bn of assets as at 31st August 2020, and invested in Dublin-based real estate lender CastleHaven Finance last year. 

“Securing a new funding partner of this calibre, especially in these unprecedented times, is a testament to the strength of the company and its employees, and the confidence Avenue Capital has in our business,” said Luke.

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“Their experience in this sector will add to all aspects of our business: not least by taking a customer focused, pragmatic approach to lending, but also by offering long-term certainty of funding to our borrowers.”

Zorin has funded the development of over 3,000 new homes without capital losses, and believes the new funding commitment will provide much needed financial support to UK SME housebuilders who have been neglected by high street banks and other alternative lenders during the pandemic.

“While the near-term economic outlook is uncertain, demand for development finance remains buoyant as SME housebuilders look to satisfy continued demand for new housing,” Luke added.

“We believe opportunities will present themselves as the fallout from the pandemic starts to hit the balance sheets of high street banks and less well capitalised alternative lenders”