Hilltop Credit Partners completes £3 million loan for newbuild residential homes in Brinkworth
• Funds advised by Hilltop Credit Partners Limited (“Hilltop”) have provided a development finance facility of £3m to Pars Developments.
• Funds will be used to develop five detached residential houses each with a home office, substantial gardens, parking, and garage space
• Pars Developments has over 20 years’ experience, and recently successfully completed 5 residential units in Latton with Hilltop
• To date, Hilltop has provided over £100m in lending commitments to SME developers to fund the construction of over 450 residential units across the UK
London, 19th January, 2022: Funds advised by Hilltop Credit Partners, a specialist funding partner for SME residential developers, have completed a short-term acquisition bridge land VAT loan, and a £3m loan to Pars Developments for the development of 5 residential units in Brinkworth. Pars Developments is a local developer with a successful track record.
The project will deliver five village units each with ample garden space, external parking, and garages. The units also provide modern home technology, and extra work at home office space.
This is the second project Hilltop has funded with Pars Developments. The project sponsor team has over 20 years’ experience building residential homes in and around the Cotswolds and recently completed a successful similar project that was completed on time and on budget during Covid.
Regarding the partnership, Morri Pourzadeh of Pars Development commented:
“Following a successful delivery of our other project in Latton, we were keen to continue the partnership with Hilltop, who have been fully committed to working with us throughout the entire process, and made the financing of both acquisition, VAT, and development as simple as possible. We are very much looking forward to working with the team again on a new project.”
Jacob Andersen, Head of Transactions at Hilltop Credit Partners, commented:
“Our ethos is to back local developers who we can partner with, providing capital and support. We were impressed with Pars ability to deliver during Covid and liked the superior nature of this future development.”