The Route – Finance has raised a further £30 million for the funding of eight developments across the UK.
Funded by The Route’s membership base of institutional and high net worth (HNW) investors, the loans will finance various stages of development for eight residential and mixed-use projects in Liverpool, Ascot, Luton, Scotland and other locations.
Once complete, the combined gross development value (GDV) of the developments will be over £150 million.
Baltic View is the largest of the schemes. The development, from Crossfield Exclusive Developments, is located at the heart of Liverpool’s Baltic Quarter and is set to complete in 2020 with a GDV of over £20 million. The Route’s latest £2.6 million loan, part of a £12.6 million total facility, will develop the next phase of the project, which comprises 130 residential apartments and nine office units.
The developer has also supplied a further £3 million as part of its £8.2 million financing package with Glenisla Developments in order to advance its care home scheme in Perthshire, Scotland. The development will comprise a total of 60 dementia care home units, three business units and 20 bungalows. The care facility is set to become part of the wider Glenisla Village, which will play host to over 200 apartments and houses, a golf course, hotel and further business premises.
The next instalment is Acre Invest’s £5 million mixed-use scheme in Luton. The South East commuter hub is currently undergoing a 20-year £1.5 billion regeneration programme that will provide housing, commercial and leisure facilities across eight strategic development sites. Acre invest will be developing Pearman Court, the £30 million (GDV) mixed-use scheme made up of 103 residential units and ground floor office space.
Further loan arrangements have also been agreed in Nottingham, the Cotswolds, Gloucestershire and Ascot, where The Route has financed Trimount Residential’s £27 million (GDV), 13-unit luxury development, known as Windsor Road.
The Route – Finance, which operates in the residential, commercial, care and student accommodation sectors, offers secured loan investment opportunities via its Private Debt Platform. It typically targets returns of 13-15% per annum on a fully-secured basis as part of the wider company offering that provides wealth management services to its members.
Richard Admiraal, director and owner of The Route – City Wealth Club, comments: “Our secured loan portfolio continues to go from strength to strength as a result of the excellent relationship built with our members and established track record in delivering funds as a lender in the alternative finance market.”
“We are especially pleased with our involvement in the Glenisla Village project, which illustrates The Route — Finance’s growing maturity in a sector that is in need of significant investment.”