Zorin Finance has completed a loan of £36m to Sheen Lane Developments, its largest loan since it was founded in 2011.
The alternative lender provided finance for the purchase and conversion of an office building in Harrow, London, into 203 flats under permitted development rights (PDR). A planning application has also been submitted that could expand the scheme to 224 flats.
The deal takes Zorin’s lending to date to more than £275m.
Zorin’s founder and chief executive Luke Townsend said: “It is evidence that Zorin is 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.”
The lender, which is backed by a fund managed by MW Eaglewood and Sir John Beckwith’s Pacific Investments, typically offers development finance and bridging loans of between £1m and £50m at up to 90% of loan to cost and 70% of loan to gross development value.
Two months ago, Zorin Finance also revealed it was looking to raise £200m for a new senior debt fund focused on residential development. The move would bring Zorin into closer competition with the high-street banks and give the it access to a larger pool of lending opportunities.
It is also looking to break into commercial property development lending.
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