Zorin secures £200m for SME housebuilders

Zorin Finance has obtained £200m from global investment firm Avenue Capital Group to provide development and investment loans for UK SME housebuilders. The alternative lender has granted Avenue Capital Group exclusivity to fund up to 80% of its future deal flow. Zorin provides development finance and bridging loans, and has supported the development of 3,000 homes since it was started in 2011. Founder and chief executive Luke Townsend and Sir John Beckwith and family will continue to personally fund a percentage of every new loan from Zorin. The lender said the new commitment will support SME builders neglected by high street banks and other lenders during the pandemic. Townsend said: “While the near-term economic outlook is uncertain, demand for development finance remains buoyant as SME housebuilders look to satisfy continued demand for new housing. “We believe opportunities will present themselves as the fallout from the pandemic starts to hit the balance sheets of high street banks and less well capitalised alternative lenders.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette