Zorin Finance lends more than £45m in March

By Daniel Lanyon on 23rd March 2018

Alternative CreditProperty

The alternative lending platform is aiming to plug the gap left by traditional banks retreating from lending to SME residential developers.

Zorin Finance lends more than £45m in March

Zorin Finance has lent £45m in March so far as the platform continues to ramp up its lending.

The alternative lending platform specialises in development finance and bridging loans for property development.  It offers an alternative lending solution to SME developers seeking.

It has provided its 100th loan having funded the development of over 1,400 new homes since inception.  The funding of office to residential conversions makes up 68 per cent of this figure, with the balance made up of new build houses and flats (28 per cent) and a limited number of refurbishment projects (4 per cent).

These facilities include an 18 unit development in Nottingham, a 145 unit PD scheme in Farnborough and the construction of 63 studios in North Finchley.

Zorin Finance was founded by Luke Townsend and is backed by a fund managed by PSC Eaglewood and Sir John Beckwith’s Pacific. It says it has incurred zero capital losses since launching in 2011.

Alternative lenders’ share of the development finance market has doubled in the last 3 years.

Luke Townsend, CEO of Zorin Finance, says the lending industry has failed to adapt to changing customer needs and the market environment.

“Funding 100 schemes and the development of over 1,250 new homes since 2011 is a testament to the fact that SME developers welcome our flexible, swift and tailored approach to lending, typically on terms out of the reach of

traditional lenders.”

“In 2018, we aim to build on this success and further improve our offering by launching a new and highly competitive residential development senior debt product, whilst also raising further capital to support our on-going market expansion.”

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Companies in this Article:

PSC Eaglewood
Zorin Finance

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