Zorin Finance closes 100th loan and funds 1,400 new homes

Zorin Finance, the alternative property lender, has provided its 100th loan, helping the business to fund the development of over 1,400 new homes since inception.

The funding of office to residential conversions makes up 68% of this figure, with the balance made up of new build houses and flats (28%) and a limited number of refurbishment projects (4%).

Zorin closed four loans totalling £45m in March alone, including an 18 unit development in Nottingham, a 145 unit PD scheme in Farnborough and the construction of 63 studios in North Finchley.

The business is founded by entrepreneur Luke Townsend and backed by a fund managed by PSC Eaglewood and Sir John Beckwith’s Pacific Investments.

Luke Townsend, CEO of Zorin Finance, said: “We established the business recognising the fact that the lending industry had failed to adapt to changing customer needs and the market environment. Funding 100 schemes and the development of over 1,400 new homes since 2011 is a testament to the fact that SME developers welcome our flexible, swift and tailored approach to lending, typically on terms out of the reach of traditional lenders.”

“In 2018, we aim to build on this success and further improve our offering by launching a new and highly competitive residential development senior debt product, whilst also raising further capital to support our ongoing market expansion.”

http://www.costar.co.uk/en/assets/news/2018/March/Zorin-Finance-closes-100th-loan/

http://www.altfi.com/article/4215_zorin_finance_lends_more_than_45m_in_march

http://www.developmentfinancetoday.co.uk/article-desc-6324_Zorin%20closes%20100th%20loan

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