The development in Norwood, South London is a GBP3.7 million facility to support a London-based developer known to Ingenious. The loan will fund the development of 15 new build flats and a ground floor commercial unit. The site is located near Norwood Junction station. The scheme will be registered for Help to Buy, which should increase demand and affordability from buyers, terms have been agreed for the commercial unit
Ingenious has also completed a GBP2.6 million loan in Cambridge to a locally based developer with a track record of delivering similar schemes. The loan will fund the development of ten new build flats. The site is walking distance from the city centre and station as well as the River Cam, open space and local shops. Again, the majority of units will be eligible for the Help to Buy scheme.
Tom Brown, Managing Director of Real Estate at Ingenious, says: “We are pleased to support good quality development projects as the economy begins its recovery from lockdown. While the return to normality may be slow as we emerge from the COVID-19 pandemic, we are cautiously optimistic about the prospects for the real estate sector, particularly the continued demand for residential space. There has been ongoing government support to meet the acute housing shortage in the UK and we are committed to providing flexible financing solutions for our clients’ developments to meet demand.”
Formed in 2013, Ingenious Real Estate focuses on senior development and bridging finance, targeting well-designed schemes in good locations across the UK with proven demand. Typical loan terms are 18-24 months, and the team has completed more than GBP450 million worth of transactions since inception. The current portfolio balance is weighted towards residential with the majority of Ingenious developments qualifying for Help to Buy.