Assetz Capital has completed a £2,509,000 development facility to support the delivery of Valley View, a five-unit residential scheme in Elburton, Devon.
The loan will fund the construction of five four-bedroom detached homes on land east of Arcadia Road, within an established residential area on the edge of Plymouth. Each property is expected to feature private gardens, targeting demand for higher-quality family housing in the region.
The 19-month facility has been structured at 68.27% loan to gross value and will cover build costs while also refinancing demolition works already completed ahead of the loan agreement.
The scheme is being delivered by Cornerstone, with early signs of demand already evident. Two of the five homes have been reserved prior to completion.
The deal was led by Callum Ferguson, relationship director at Assetz Capital, supported by case manager Fran Bayford and senior credit manager Ian Hatch.
Ferguson says: “It has been a pleasure to support this developer delivering a well designed 5-unit scheme on the outskirts of Plymouth.
“This project reflects our ongoing commitment to SME housebuilders providing flexible funding solutions for experienced developers delivering quality housing in the Southwest and across the UK.”
He adds: “This facility showcases Assetz Capital’s desire to fund well designed residential development projects in the South West.
“I am delighted to be working with an upwardly mobile developer on this project who has shown a proactive approach throughout, and looking forward to seeing the project progress.”
Kieran Payne, finance consultant at Aureum Insurance, said the deal reflected a pragmatic approach from the lender.
He says: “We are delighted to complete this transaction with Assetz Capital. I have worked with Callum several times before at previous lenders and I am glad to see that he has taken the same hands-on approach to Assetz.
“That paired with the resilience of Fran to push the deal along has been invaluable. The flexible and commercial approach provided the developer with a funding solution that allows the borrower to hit the ground running with the development.”
The transaction adds to a steady flow of development funding across regional markets, where SME housebuilders continue to play a key role in delivering smaller-scale schemes aimed at local demand.
In the South West, such developments remain an important source of new housing supply, particularly for family homes in established suburban locations.
While larger developers continue to dominate volume delivery, lenders such as Assetz Capital have increasingly focused on supporting smaller operators with tailored funding structures to unlock sites that might otherwise struggle to progress.
The early reservations at Valley View suggest underlying buyer appetite remains intact for well-located, mid-sized schemes, despite ongoing pressures in the wider housing market.
