Assetz Capital

Assetz Capital provides CBILS loan for residential scheme in Essex



Assetz Capital has completed a £2.1m loan to Loughton Capital 2020 under the Coronavirus Business Interruption Loan Scheme (CBILS).

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Thanks to the CBILS facility, the Essex-based developer is now able to start its residential scheme of four bungalows on a rural site in Brentwood, Essex.

Due to the nationwide lockdown in April, the company was having trouble accessing funding for the project. 

Assetz was able to offer a timely development solution to start the demolition of the existing site and fund the subsequent construction of the family homes.

The loan was agreed at 70% LTGDV on an 18-month term. 

The site is now set for completion in May 2021.

Lee Francis, relationship director at Assetz Capital, said: “We’re proud to get Dean [Floyd, owner of Loughton Capital 2020] to completion, and to deliver four new, quality homes in an excellent location built by a top quality SME developer. 

“I’m pleased we’ve exceeded his expectations, and it was down to the hard work of our panel of lawyers, Gateley, and our in-house relationship support team.”



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