Aldermore provides £10.8m loan for Cardiff student development

Aldermore has completed a £10.8m loan to support the development of a large-scale student accommodation scheme in Cardiff.

The specialist bank provided the loan to DG1 Developments Ltd, part of the Draycott Group.

The student development – which is spread over eight floors – comprises 118 studio apartments and 28 one-bed units and has been configured around a central courtyard.

The scheme also includes two small, ground-floor commercial units.

Sajid Ghaffar, managing director at DG1 Developments, said that it was a pleasure partnering with the team at Aldermore.

“We need the reassurance that the funding will be delivered within tight timescales, so that we have the confidence to execute our vision. 

“Speed, efficiency and the human touch run through our DNA, and that’s something they certainly understood and shared. 

“I look forward to working with them in the future as we continue to develop a range of property solutions.”

Greg Pescott, property development manager at Aldermore, said that it was delighted to fund such a unique student accommodation complex.

“Relationships are absolutely key to our business success, and that is showcased in our work with DG1. 

“Spending time with Sajid and his team enabled us to quickly identify his funding requirements. 

“We very much look forward to working with them in the future as they continue to expand their offering.”

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