The funding — agreed at 68% LTGDV and 88% LTC — will fund the conversion of a former Bayer pharmaceuticals office into 191 open-market flats with parking, which will be available to first-time buyers, professionals and investors.
This is the second loan Zorin has provided to Empire Group, having completed a £11m facility last year for the developer’s PD scheme in Newcastle.
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Paul Rothwell, director at Empire Group, said: “We are pleased to be working with Zorin Finance again . . . and we look forward to exploring additional opportunities with it in the future.”
Luke Townsend, founder and CEO of Zorin Finance, commented: “We are excited to be funding such a well located and attractive scheme in the heart of Newbury and would like to thank Empire for its continued business.
“In particular, the development will help solve the growing need for modern but affordable flats away from the racecourse.
“Paul’s performance to date on Newcastle has impressed us and his track record of pre-selling units should serve this project well.”