Zenzic Capital, a principal UK real estate lender, has successfully deployed its first loan since launching its secured loan note programme in November 2018. The new funding line significantly increases the lending capacity of Zenzic, positioning them for sustained growth during 2019.
The loan in Bournemouth is part of a refinancing facility of a development project near the town centre, with Zenzic providing the required capital alongside Avamore Capital. The development scheme comprises 28 apartments across 6 storeys, mostly one-bed units, with larger units on the upper levels which also provide sea views. The development is largely complete with practical completion imminent. The funds have been advanced towards refinancing the existing lender whilst allowing the developer the requisite time to complete the final works and manage an effective sales process to maximise the profit of the scheme.
The broker was Piragash Sivanesan of Totum Finance, who was instrumental in ensuring all parties delivered to the tight timelines required. The deal was completed in less than two weeks from instruction and Zenzic were represented by Chris Freeston and team at Freeths LLP.
“We are delighted to have closed our first loan since our recent investment raise. The Bournemouth transaction is one we are very pleased with, in a liquid market, with little construction risk, and continues to build on our existing partner relationships within the market. We look forward to working with the borrower to see the scheme through to a successful exit”.