Zorin Finance, the alternative property lending specialist, has announced the completion of a £3.3m development loan in Tongham, Surrey. It marks the first transaction between Zorin and Homes by Harlequin, who specialise in residential developments located in the Southeast of England.
Zorin’s loan will finance the acquisition of a greenfield site, and subsequent construction of 10 dwellings designed in a traditional style appropriate for the area. The scheme will provide a mixture of semi-detached and detached houses comprised of two-to-four beds. Each house will benefit from two parking spaces, associated access and a private garden. The scheme will appeal to a broad demographic thanks to the location and above average contemporary specifications.
Harlequin New Homes have significant growth aspirations and Zorin looks forward to future collaboration.
The loan takes Zorin’s lending to date over £1.3 billion. It has now funded a total of 216 loans with zero capital losses.
Tim Phillips, Lending Director at Zorin Finance said:
“I have known the team at Harlequin for some time and have always been impressed with their professionalism and the schemes that they deliver. It was a pleasure working with them to get this deal across the line and I look forward to working with them going forward.”
Chris Pipe at Homes by Harlequin said:
“Working with Zorin Finance was a smooth and straight forward process. They understood our requirements and structured the loan to meet our needs. We received a credit decision very quickly. There were some complexities to overcome during the due diligence process and Zorin proved to be commercially minded, offering practical solutions to ensure that we could get the deal across the line.”