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IN OUR OPINION
member IN PRACTICE One of our customers, David Linnell, an experienced developer and owner of Linnell Homes, was about to begin construction work on a new site for 10 residential properties when the first nationwide lockdown was announced in March, leading to huge uncertainty regarding cashflow, as well as an empty building site. Linnell reports: “We had just finished the demolition of a pub on-site and everything came to a standstill, it felt like the whole world had stopped.” Unsure of what the future held for his business, he contacted our regional relationship director Rebecca Hall to see if we could help. He says: “I had been introduced to Rebecca a few years previously, and since the first call we’ve had immense support to get construction started again.” Hall comments: “We understand that cashflow is critical to any development. The plan was solid, and we were very happy to help David with a multi-tranche loan to get this project completed and help address the growing need for housing in the UK.” Construction is now well underway, and so is interest in the properties. Linnell explains: “The response to the plans for these three and four-bedroom homes has been astonishing. Despite the fact they are due to be completed in October 2021, we had phone calls enquiring throughout the whole of lockdown.” This is just one of a large number of CBILS loans that Assetz Capital has approved, with many more progressing rapidly through to legals. OPPORTUNITY We have the experience and the knowledge spanning a number of economic cycles with which to adjust our business model to support SMEs in uncertain times. Much like the last financial crisis, this year has shown that there is always opportunity to be found in the face of adversity. Assetz Capital will continue to provide reliable funding solutions for brokers and their property developer or housebuilder clients, and we are delighted to have been able to support so many new customers with optimum solutions via CBILS in these testing circumstances. When the dust settles, we are looking forward to further developing our intermediary partnerships as we continue to grow our loan book. We have some very exciting new solutions to announce soon, as we move towards a strong start for 2021. B I www.sfintroducer.com
“They have done some incredible work to get this deal over the line, and kept in contact throughout lockdown to secure funding for the development portion of the project” DAVID LINELL, BORROWER
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NOVEMBER 2020 BRIDGING INTRODUCER
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