The first £12m investment facility — agreed at 74% LTV over a five-year term — will allow the JV between Rengen and Longacre Development to refinance an existing loan which enabled the redevelopment of the former Eveleigh House (pictured above) office building (pictured above).

The refurbished property now provides 62 PBSA beds and 6,000 sq ft of office space; these will be let to exit the loan.

The second £13m loan was completed at a LTV of 71.9% over a 19-month term to support the purchase and redevelopment of The Scala, a high-profile site at Oldfield Park.

The finished scheme will comprise 107 beds, a retail store and 5,000 sq ft of community space; once again, these will be let to repay the facility.

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Andrew Scotting, chief lending officer at Zorin Finance, said: “We are delighted to announce our continued support for Rengen Developments.

“This is a great example of Zorin’s ability to offer seamless end-to-end funding solutions by providing both development finance and long-term investment facilities.” 

Iestyn Lewis, CEO at Rengen Developments, added: “It was great to combine with the team at Zorin and secure an appropriate development package. 

“It’s taken a substantial amount of skill and funding to get to this point, the simplicity of implementing the finance with Zorin was a pleasure.”

The two loans take Zorin’s total lending to date over £1.2bn delivered across 210 loans with zero capital losses.