Zorin Finance has successfully closed its second development loan in Hindhead this financial year.
Zorin’s stretched development finance, lending up to 75% LTGDV, provided a £15.7m development loan to finance both the site acquisition and build of 38 residential units.
The scheme, consisting of 28 houses and 10 maisonettes, will appeal to both local demands for lower maintenance new-build housing, and families relocating from more central areas of London looking to move into an affluent area but still profit from better value for money.
Situated immediately adjacent to the Devils Punch Bowl, the site uniquely benefits from being within walking distance to both an area of outstanding beauty and having good road and transport infrastructure into London and Portsmouth.
Zorin is pleased to be working with a borrower that has a considerable experience in delivering comparable schemes to a high specification that is line with the local market. The borrower will be delivering the scheme on a construction management basis with all packages delivered by trusted sub-contractors.
Surrey as a whole has witnessed a population surge, with an impressive growth rate of 5% over the past 8 years. Zorin is excited to be financing another scheme in an area with such strong continued demand for well-built family homes.