REDITUM LENDING PROVIDES £10.8M FACILITY FOR MAJOR MIXED-USE PROJECT IN SOUTH AYRSHIRE
Reditum Capital is proud to announce the closing of a £10.8m bridge finance facility to Allanvale Land Investments for a major residential and commercial development in South Ayrshire, Scotland. This is the first major transaction undertaken by our new bridging division, Reditum Lending, following its launch last month.
The 125-acre land development is valued at £18m and forms the majority of a two-part masterplan with outline planning permission in place for 750 new homes. Allanvale is planning to bring a number of high-profile national housebuilders on board, with contracts valued at over £45m. As well as the residential element, the development will include retail, employment and local community uses and will help bring South Ayrshire Council’s local development plan to fruition.
Mark Stephen, Managing Director of Reditum Capital, said: “Development of the Corton site has been on the cards for some time and Allanvale have managed to negotiate solid terms with some of the region’s most reputable housebuilders. In what may otherwise have been a challenging position for the developer, we have provided a solution that will enable these exciting plans to progress.”
The transaction also marks a refocus for Reditum Capital as a business, concentrating on shorter-term financing opportunities. With the launch of Reditum Lending, we as a business remain committed to providing borrowers with swift and transparent funding solutions despite uncertain credit market conditions. As we enter more of these type of transactions over the next months, we will keep our investor base apprised of key opportunities as they arise.