A new funding opportunity for residential property developers in the south-west has been launched by Titlestone Property Finance.
Titlestone, which specialises in providing stretched senior debt to developers and house builders, is expanding its operation into the region, with a particular focus on Bath, Bristol and surrounding towns.
The company has kickstarted the drive by agreeing funding for eight houses in Nailsea, nine townhouses overlooking the Bristol Channel in Clevedon, a 24-house and apartment scheme in Portishead and eight flats in a listed building in Bath city centre.
Relationship Director for the South West region, Nigel Jackson comments: “We believe that there is significant pent up demand in the region from smaller house builders who can see opportunities for developments but sometimes find it difficult to get adequate finance to proceed. Our loans, which are secured by a first charge on the development site, provide a higher level of gearing than traditional lenders and allow developers to spread their equity across a greater number of projects.”
Over the past two years, Titlestone has committed more than £800 million in loans for new residential schemes across the south of England, ranging from executive family homes in Surrey to the development of 40 private and affordable apartments above office space in London.
The company is interested in supporting refurbishment and conversion projects, as well as new build apartments and housing schemes. It will also consider multi-unit schemes which include affordable units and a small commercial element.
Titlestone, which is backed by Oaktree Capital, typically provides loans of between £1.5 million and £25 million per project and focuses primarily on supporting residential developers with proven track records and identified sites in strong locations.