The first loan of £5.3m was provided for the creation of 22 apartments with sea views to a joint venture between Indigo Capital Solutions and Blakesley Estates in the seaside town of Westward Ho!, North Devon.
The facility was agreed at 69% LTGDV on a 22-month term.
The second loan of £7.5m — completed at 70% LTGDV on a 21-month term — was secured by Piper Homes for the development of four flats and 22 houses in the village of Upper Rissington in the Cotswolds.
Tom Brown, managing director of Real Estate at Ingenious, commented: “We’re really pleased to be able to support these two projects in Devon and the Cotswolds.
“This represents the third time we have worked with Piper Homes and we’re delighted to be working with them again on this exciting new development.
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“As the economy continues to reopen and recover, we are determined to source, fund and commit to high quality developments across the UK and continue to seek further, similar opportunities.
“We are cautiously optimistic about the prospects for the real estate sector, particularly the continued demand for residential property, and we remain committed to providing flexible, cost effective financing solutions for our clients.”
Earlier this year, Ingenious secured a £25m revolving credit facility from Shawbrook Bank to grow its development and bridging loan portfolios.
In addition, Ingenious became a member of the UK Green Building Council (UKGBC) in September 2020.
As part of this membership, the lender is actively seeking to engage through training programmes, thought leadership and access to the latest research so that it helps drive sustainable standards within the sector.