Airlie Green Low Energy Homes Ltd, a developer of green housing based in Perth, has secured a £ 1.16million development loan from specialist lender Assetz Capital.
This follows the success of a previous loan from Assetz to the property developer last year.
Located in Alyth, a historic Perthshire village just off the A926, the new Airlie View site will feature four twin three-bed bungalows, as well as four semi-detached houses. The site is in a small village with a population of around 3,000 and is expected to be completed in February.
Last year, Assetz provided a £ 1.38million loan to Airlie Green under the government-backed Coronavirus Business Interruption Loan (CBILS) program to help the developer to cover the initial construction costs of the housing program.
This agreement is the latest in a series of loans granted by Assetz Capital to property developers of SMEs. To date, the company has loaned nearly £ 1.5bn of commercial and institutional funds to UK businesses and has funded the construction of around 1 in 12 new homes built by SME developers in the past two years.
Borrower Steven Duffy commented, “We can’t wait for the homes to be released on the market in February and to be inhabited by local families in Alyth. The fact that we are able to bring energy efficient homes to Perthshire at a time when the industry is really a challenge for developers when it comes to carbon neutrality is really exciting.
Lucie Martin, Director of Relations at Assetz, added: “Airlie Green housing development just ended an excellent year for Assetz in terms of working with real estate developers. We are truly achieving our goal of tackling the UK housing crisis. Being able to finance a project that aims to do so while having sustainability at the core is an added bonus. “