Downing Property Finance has completed a £16m loan for the construction of 50 energy-efficient apartments in Kent.
The apartments will be built to a high specification, with the borrower undertaking self-build on a construction management basis.
The financing deal could qualify for an interest rate rebate under Downing’s sustainability lending product, and further margin pricing reductions are included in the loan, contingent upon meeting pre-agreed sales milestones.
The transaction was led by Doug Bowley, investment manager at Downing, and Mark Sukhram, transaction management director at Downing.
Parik Chandra, partner and head of specialist lending at Downing Property Finance, said: “We continue to have a strong appetite to support SME developers with debt requirements of up to £30m.
“This is a well-designed scheme in an area that will benefit from the increased housing supply, and we are delighted to be involved.”
