Alternative lender Zorin Finance completes £36m loan

The loan is one the firm’s biggest to date and will go funding a project in Northwest London.

The loan is one the firm’s biggest to date and will go funding a project in Northwest London.

Alternative property lending specialist Zorin Finance has just completed its largest loan deal to develop property in North London. 

The £36m loan will go to Sheen Lane Developments to develop a residential property in North Harrow. It’s also not the first time the two have worked together.

“We have already successfully funded 6 schemes for them over a 2-year period and the fact that they are using us again is a testament of our offering,” said Andrew Scotting, head of loan origination at Zorin Finance.

The development project will convert an existing office building into a residential unit containing 203 flats.

The loan brings Zorin’s lending to £275m since it was launched in 2011 across 86 loans. The company says its goal is to provide funding for SME homebuilders to build homes that would otherwise not be built.

“It is evident that alternative lenders such as Zorin are one of the few lenders in the marketplace with the ability to provide a loan of this size and the service of this quality given the high rates of leverage that we are able to offer,” said Luke Townsend, founder and CEO of Zorin Finance.

The firm is backed by a fund managed by MW Eaglewood and Sir John Beckwith’s Pacific Investments. The latter is manager of the £800m P2P Global Investments trust which also deploys lending capital through Zorin as part of a push into more and alternative credit niches.