Ingenious is today delighted to announce that Ingenious Real Estate Finance LLP has completed three new loans totalling £20 million to fund regional family homes in Felixstowe, Gateshead and Abberley, Worcester.
In Felixstowe, Ingenious Real Estate has agreed a development finance facility of £10.3m over 18 months with existing client Generator Group, to fund the development of 21 three and four bedroomed family homes and 10 one and two bedroomed flats. This latest agreement represents a loan to gross development value (LTGDV) of 70%, linking in with earlier phases of an existing and proven project.
In Gateshead, Ingenious Real Estate has agreed a development finance deal with The Morton Group Ltd to support the development of 17 family homes. The development features a mix of three, four and five bedroomed properties in Street Gate. The facility of £4.6m has been agreed over 18 months for an LTGDV of 68%.
In Abberley, Ingenious Real Estate has agreed a development finance facility with a regular client, Piper Homes. This is the 4th deal between Ingenious and Piper Homes. The finance facility of £5m over 21 months has an LTGDV of 70%. The Abberley site, in the countryside between Worcester and Tenbury Wells will offer a range of 25 two, three, four and five bedroomed homes, including two bedroomed bungalows with excellent finishes throughout.
Tom Brown, Managing Director of Real Estate at Ingenious, commented: “We’re delighted to support these projects in Felixstowe, Gateshead and Worcester, they illustrate our continued strategy of funding regional family homes from across the UK as people search further afield for more outside space, homes with gardens and practical workspaces. We’re pleased to be supporting our developer partners with these projects.”
Formed in 2013, Ingenious Real Estate focuses on providing senior development and bridging finance to well-designed schemes in locations across the UK that have a proven demand. Typical loan terms are 18-30 months, and the team has since completed more than £590 million worth of transactions. The current portfolio balance is weighted towards residential, with the majority of Ingenious developments qualifying for Help to Buy.
In September 2020, Ingenious became the first alternative lender to become a member of the UK Green Building Council (UKGBC). As part of this membership, Ingenious is actively seeking to engage through training programmes, thought leadership and access to the latest research so that it helps drive sustainable standards within the sector.