Puma Property Finance, part of Puma Investments, the development finance specialists, has completed four development loans in just four weeks, with a total of £70m GDV of projects.
A £15m development facility was provided for a project in Milton Keynes, to convert office space into one and two-bed residential units. There will be 112 units in total in the six-storey building, which is due to complete in September of next year. It is designed to help meet housing demand from first-time buyers and also cater for BTL landlords.
In Belfast, Puma provided a £11.9m facility for a purpose built student accommodation (PBSA) project. Completion is expected in August 2022 on the site, which is located just minutes from Queen’s University.
The third development loan, of £10m, was provided in Portsmouth to fund the construction of a PBSA scheme. This development will feature a common room, dining room, gym and bike storage.
The fourth was a £6.5m loan for the construction of a retirement living scheme. 45 apartments will be built as part of a wider development, including a nursing home and day nursery, in Lymm Warrington.
David Kaye, CEO at Puma Property Finance, said: “We are delighted to have been able to complete four loans across different sectors around the country, building on our track record of helping professional developers access finance and begin their developments with minimal delay.
“As our focus is on being a true relationship lender, it is particularly pleasing to note that two of these loans were repeat transactions with developers with whom we have previously worked successfully.”
Original article featured here…
In January, Puma completed an £8.5m development loan on a 27-month term. The purpose of the loan is to fund the construction of a care home in Wilmslow, Cheshire.
source https://commercial-mortgages-broker.co.uk/buy-to-let-news/puma-property-finance-closes-4-development-loans-in-just-4-weeks/
No comments:
Post a Comment