Former Urban Exposure pair launch new residential lending platform

The former chief executive and chief operating officer of property lender Urban Exposure have launched a new residential development lending platform. Randeesh and Daljit Sandhu, who stepped down from Urban Exposure last year as it was announced that the company would be wound down, hope Précis Capital will provide as much as £1bn a year in financing. The new company will underwrite and manage loans of £50m and upwards for the construction of build-to-rent, co-living spaces, student housing and retirement homes. Chief executive Randeesh Sandhu said it will focus on addressing the “structural imbalance” in the housing market, and “bridging the gap between the longstanding and fast-growing demand for housing in the UK and the supply currently delivered by homebuilders.” They will be joined by Karen Dunstan, the former general counsel of Urban Exposure, in starting the new financier, which is backed by TowerBrook Capital. Chief operating officer Daljut Sandhu said: “There is a significant opportunity for a new purpose-led approach to lending in the current market. “2021 is a pivotal moment for the UK’s construction industry and we aim to help the industry transition towards net-zero targets with sustainable build standards, adopt technology and embrace modern methods of construction,” she added. “We want to support the economic recovery, the government’s green agenda and the levelling-up policy programme.” To send feedback, e-mail alex.daniel@egi.co.uk or tweet @alexmdaniel or @estatesgazette