Magnet Capital

Magnet Capital completes £1.4m development loan



Magnet Capital has completed a £1.4m development finance loan for the first phase of a three-part project set to deliver 13 new homes in Castle Donnington, Leicestershire.

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Phase one consists of five detached houses and to install groundworks for the remaining units.

The lender provided a contribution towards the purchase price, as well as a loan to cover the full build costs and any contingencies.

Magnet Capital
Development site in Castle Donnington, Leicestershire

Ashley Ilsen, CEO at Magnet Capital, said: “During the current market difficulties, I’ve been trying to bang the drum for consistency among lenders. 
 
“It’s of no use to brokers, and the consumer, if lenders are in one minute and out the next —, or worse yet, trying to portray that they are lending when they aren’t.
 
“This particular project is a fantastic scheme, but it only works because we’re a lender that understands the micro -markets that we choose to operate in, and can therefore take a commercial view.”
 
Sam Howard, managing director at Magnet Capital, added: “We are delighted to have been able to complete on what is a complex site due to its gradient and ecology.”


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