Assetz Capital, a financial institution, has confirmed a £2.75m development exit loan to facilitate the construction of a housing project in Frome, a town in Somerset. The project includes seven townhouses, two detached houses, and an office.

The loan, which has a loan-to-gross development value (LTGDV) of 60%, has a term period of six months. This arrangement allows the developer to finish the remaining two detached houses and provides a substantial cash release for the next project. The loan will be repaid through the sale of the properties.

Jon Pike, Relationship Director at Assetz, expressed excitement about partnering with a reputable developer for this project in Frome. Andrew Fraser, Chief Commercial Officer at Assetz, highlighted this deal as a demonstration of their expertise in crafting custom financing solutions to support property developers.