Lending platform gives £47m boost
A commercial lending fund devised by Yorkshire-based financial consultants has helped to kick-start high profile commercial property projects.
Mark Pepper, the founder of York-based IFA Grosvenor Financial Consultants, has developed a lending platform with the help of a team of lawyers from Bond Dickinson. It enables private and company pension pots to be lent commercially against secured investments. These are typically commercial property developments that require funding for building work.
To date, Grosvenor’s clients have been invited to make loans in 21 ventures, to a total value of £47m. The fund’s first facility of £7.2m of debt backed Skelwith Developments’ £45m Raithwaite Hall Hotel and Spa complex near Whitby, and was repaid with interest to exiting investors over 18 months.
Mr Pepper said: “We have been able to cherry pick some great Yorkshire projects to finance.”