€120 million in loan facilities in a record-breaking month
June has been a record-breaking month for Maslow Capital; completing €120 million of new facilities across four deals. The transactions will see the delivery of 1,100 new residential and student accommodation units in Manchester and Glasgow.
In total, these developments will deliver in excess of 847,000 sq. ft. of new residential and student accommodation. Three of the deals, totalling over 736,000 sq. ft. are located in Manchester, with the remaining deal providing 111,000 sq. ft. of purpose-built student accommodation in Glasgow.
Maslow’s record month follows more than €240 million of new development loans so far in 2018; a 20% increase compared with the same period last year. The addition of these four deals takes the total to over €360 million for the six-month period ended June 2018.
These recent closings highlight the strong demand for alternative sources of finance from UK developers. It also reinforces Maslow’s view that there is a broadening appetite for specialist lending.
Sky Mapson, Lead PBSA and Residential Originator at Maslow Capital, who is responsible for the four deals, said:
“The closing of these deals is further proof that not only is the demand out there for specialist funding but that developers are connecting in a big way with providers who combine a flexible approach with real expertise. That we can close €120m in facilities in just one month is a testament to the confidence that we and our clients have in certain parts of the UK and the chronic need for new housing in these cities. These deals demonstrate that we have a strong appetite to support regional developments across the country, providing loan facilities with an average size of €30m to experienced sponsors.”
June has been a tremendous month for Maslow following a strong start to 2018. Maslow Capital is delighted to meet the growing demand for alternative financing from developers throughout the country. In particular, continuing to see more and more opportunities across cities in the north and in Scotland – with Manchester and Glasgow two prime examples. Maslow expects this trend to continue throughout the year, as well as the broader trend of demand from clients for the unique combination of specialist knowledge, balance sheet strength, and structured credit facilities.
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