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Zorin Finance, the alternative property lending specialist, has announced the completion of a £22m development loan in Newbury, Berkshire to experienced SME developer, Empire Group. The facility is the second Zorin have provided to the Yorkshire-based company following an £11m development loan to fund a PD scheme in Newcastle in 2021.
The development, another office to residential permitted development and former home of Bayer pharmaceuticals, will provide 191 open-market flats with parking in the town centre and appeal to first-time buyers, professionals, and investors alike. Zorin continues to support the developer’s business of model of providing affordable homes in key regional hubs and cities via the repurposing of commercial assets. The loan was underwritten at 68% Loan to GDV and 88% Loan to Cost.
We would like to thank Empire for their continued business and are excited to be funding such a well located and attractive scheme in the heart of Newbury. 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.
Luke Townsend
Founder & CEO, Zorin
We are pleased to be working with Zorin Finance again, working with the same team and a known entity has proven to be particularly advantageous. We look forward to exploring additional opportunities with them in the future.
Paul Rothwell
Director, Empire Group
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