London, 2 February 2018
Leading real estate finance provider Fortwell Capital has kicked off 2018 by announcing the completion of two loans totaling £24m. The first assists in the financing of a £16.1m 49-apartment development in Reading being brought forward by Allies Group in a deal brokered by Arc & Co. The second, is a £15.6m 22-home scheme in Dulwich South London, being undertaken by Prime City Developments.
The completion of these loans re-enforces recent reporting relating to Fortwell Capital’s focus toward supporting developers on larger, more complex real estate financing opportunities, and expanding its portfolio beyond Prime Central London.
Arthur Jennings, Head of Real Estate Finance at Fortwell Capital said: “We’re really pleased to be supporting both developers on these schemes and we’re looking forward to a busy 2018, with a number of other similar loans currently being progressed by the Fortwell team. These projects demonstrate how our expertise in financing larger, more complex transactions can provide a huge boost to developers looking to bring forward schemes in a difficult market. Reading has an element of planning risk and through our unique in-house expertise Fortwell were able to fully understand and support the borrower’s business plan.”
Allies Group said: “We believe there’s a fantastic opportunity to provide high quality residential accommodation at this location right in the heart of Reading, which is an increasingly popular place for people to live, with great connections to London. Development of this scale can be expensive, which can make transferring opportunity into reality a difficult prospect, but Fortwell’s support in providing a bespoke financing arrangement means we now have a clear path forwards in terms of progressing the scheme. We hope to be on site in Q2, 2018. Furthermore, our broker, Arc & Co. understood our business model exceptionally well and provided quick, efficient and effective solutions which were beyond typical structured finance arrangements.”
Charlie Armstrong, Asset Finance Advisor from Arc and Co said: “We are delighted to have worked with both Allies Group and Fortwell to bring forward a scheme that will be a fantastic addition to the housing stock in central Reading and we look forward to working with both parties on subsequent projects”.
Prime City Developments said: “We’re aiming to provide a collection of outstanding, modern, high spec homes in East Dulwich, which is one of London’s most attractive residential areas. The project is currently in its final phase of construction, and the financing solutions that Fortwell have provided so far have been integral in getting us to this point. By extending their support with this latest loan, Fortwell have now put us in strong position to progress the scheme to completion”.