Private housing developer Forth Homes has secured a £3.2 million loan from Funding Circle to build 22 new properties in the North West.
Forth Homes, which specialises in building affordable family homes, is developing the three and four bedroom homes, costing between £155,000 and £595,000, at three sites in Merseyside and one in Cheshire.
The sites include Melling Road, Aintree, where Forth Homes has built 12 homes; Hall Road East, Liverpool (three homes); 100 Booker Avenue, Liverpool (two homes); and Baytree Smithy Lane, Little Sutton (five homes).
Launched in 2009, to date Forth Homes has built 32 homes and has plans to develop hundreds more over the coming years.
Bruton Knowles provided valuation and building consultancy advice to Funding Circle.
Bruton Knowles has been advising Funding Circle, the UK’s leading marketplace lending platform, on potential property investments, providing audits and valuations to ensure schemes are viable and to minimise the risk for the investors, since 2014.
In the last 12 months, the firm has seen the number of property valuations it has conducted on behalf of Funding Circle increase dramatically as the popularity of peer-to-peer lending as an alternative source of finance continues to rise.
Since it was launched in April 2014, Funding Circle’s property product has facilitated more than £200 million in loans to property developers, helping to build more than 800 new homes across the UK.
Nicole Hudyba, an Associate in the valuation team in Birmingham, said: “Funding Circle is plugging a gap in the property lending market left by the traditional banks, who continue to be risk averse when it comes to lending on property development projects.
“As a result, developers are turning to alternative sources of finance, such as marketplace lending. As advisers to Funding Circle, we’re delighted to be playing a part in helping to facilitate loans on new housing developments.”