Business lender Assetz Capital is lending £950,000W GJ Properties for a 14-home development in New Brighton. Tony McDonough reports
Specialist business lender Assetz Capital is lending almost £1m to a developer for residential scheme in Wirral.
WGJ Properties has secured the £950,000 loan which will use to create the development of 14 two-bedroom apartments New Brighton. Each will include two bedrooms, a bathroom and reception area as well as an integrated kitchen.
Located in Magazine Lane, the complex also offers private parking with a Church, library and health centre all nearby. This project is WGJ’s second property development of this scale, and its first site on the Wirral.
Average price of one apartment is £120,000, with the build due for completion in February 2020. The deal was introduced to Assetz Capital by John McNamara, chief executive at Focus Commercial.
Since establishing in 2013, Assetz Capital has lent more than £900m to UK SMEs, funding projects such as commercial properties, housing developments, care homes and purpose-built student accommodation.
William Roscoe, managing director of WGJ Properties, said “Working with Assetz Capital and Focus Commercial Ltd has been an efficient process, aided by the speed of the payment process which really benefitted the smooth running of the build. This is our second major development and we are proud to be increasing the availability of homes in the Wirral with this project.”
Mark Davidson, relationship director of Assetz Capital, added: “Funding the construction of this development has been an exciting process and one that we were keen to support. We felt that this site would not only benefit the area of New Brighton, but also support us on our mission to positively affect the UK housing market.”