Inspired secures funding for two home county resi schemes

Inspired Asset Management has over £20m in development finance for two residential schemes in the home counties. £15.1m has been secured for the conversion of Bridge House in Chertsey, Surrey, into a 61-apartment scheme. Amicus have provided a £12.9m senior loan arranged through Arc & Co., alongside £2.2m in preferred equity from Grasslake UK Investments. The scheme has an estimated GDV of £20.4m. A further £5.2m was provided for a 25-unit build-to-rent scheme in Farnborough comprising a £3.9m senior loan from Octopus, also arranged by Arc & Co., and £1.3m in mezzanine finance from a private funder, arranged by Savills. The development has a GDV of £6.2m. Jeremy Beck, development director at Inspired Asset Management, said: “Now that we have funding in place, we hope to start construction imminently. [caption id="attachment_887111" align="aligncenter" width="775"] Inspired Asset Management’s Bridge House, Chertsey, development[/caption] To send feedback, e-mail alex.peace@egi.co.uk or tweet @egalexpeace or @estatesgazette