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Zorin Finance has completed a £10.5m development loan with West-Midlands developer Charles Jordon Homes. The loan, introduced by Gordon Robinson of Mutual Finance, will assist with the new-build development of 85 flats in a popular suburb of Birmingham. The finished product will offer units with private balconies and off-street parking. The facility is Zorin’s first to Charles Jordon Homes and will help to support their ambitious business plans to provide quality, yet affordable homes in popular commuter locations throughout the West Midlands. The loan was underwritten at 65% Loan to GDV and 90% Loan to Cost. The transaction follows the announcement of Avenue Capital’s investment into Zorin and underpins the alternative lender’s ambitions to originate £400m of new loans over the next 12 months..
We are delighted to have completed on this loan with a new-to-lender borrower. Charles Jordan Homes are a high caliber counterparty, and we look forward to supporting them on this equally high-quality new build scheme and further developments in the future. I’m grateful to Gordon Robinson at Mutual Finance for introducing the application and for his assistance closing the deal.
Henry Wilson-Holt
Senior Lending Manager, Zorin Finance
I am pleased to have worked alongside Zorin Finance on this transaction. I found them to be very thorough in their approach. I look forward to conducting further business with Zorin in the future.
Gordon Robinson
Mutual Finance
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