Puma closes four development loans worth £70m GDV in four weeks

Puma Property Finance has completed four development loans in four weeks, totalling £70m GDV.

In Milton Keynes, the team provided a £15m development facility to convert vacant office space into 112 one- and two-bed residential units. 

The six-storey project is due to complete in September 2022 and will help meet housing demand for first-time buyers and BTL investors, while enhancing the local area through transforming a disused building.

The second was an £11.9m facility to fund a PBSA scheme in Belfast (pictured above), the second student accommodation project Puma has financed in the city.

Located less than a five minutes’ walk from Queen’s University, the scheme is scheduled to complete in August 2022, ahead of the 2022-23 academic year.

Over in Portsmouth, the lender closed a £10m development loan to fund the construction of a PBSA development with communal facilities including a common room, on-site gym, dining room and secure bike storage. 

This is the second loan to a repeat client, having previously financed a 245-bed PBSA project in Southampton, due for completion in August.

The fourth deal was a £6.5m loan to a longstanding client to fund the creation of a 45-apartment retirement living scheme in Lymm, Warrington. 

It forms part of a wider development comprising a new nursing home and day nursery.

David Kaye, CEO at Puma Property Finance, said: “We are delighted to have been able to complete four loans across different sectors around the country, building on our track record of helping professional developers access finance and begin their developments with minimal delay.

“As our focus is on being a true relationship lender, it is particularly pleasing to note that two of these loans were repeat transactions with developers with whom we have previously worked successfully.”

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