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Zorin passes £400m lending milestone

By James Buckley - Wednesday, August 08, 2018 10:27

Zorin Finance has passed the £400m milestone of loans funded since its inception in 2011.

The business was founded by entrepreneur Luke Townsend as a response to the lack of development finance being made available by established high street banks and a perceived deterioration in the service levels they were providing.

Zorin reached £400m of cumulative lending with the provision of their first Student Accommodation loan, a £12m facility to build a 131 bed scheme together with 5,922 sq ft of retail space in Hockley, Nottingham.

In addition, the business provided a £19m facility in July to assist with the purchase of land, construction of 50 new houses and infrastructure for a further 100 houses in Chilmington Green near Ashford. The development is part of a wider scheme by Hodson Developments to build around 5,750 new homes as well as retail, community, social and recreational facilities

Andrew Scotting, Head of Loan Origination of Zorin Finance, said: “Zorin Finance’s growth has been rapid over the past 3 years as a result of the shortage of fast and flexible funding offered to SME developers. We are delighted with the success we’ve had to date and have our sights set high as we continue to grow.

“It is clear from the success we have had to date that developers welcome our swift and tailored approach and our ability to execute facilities quickly provides us with an advantage to traditional lenders.”

jbuckley@costar.co.uk

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