Norstar Limited buy York residential development with £2.25m loan
CapitalStackers, the P2P property development lending platform, has secured a £2.25m loan to fund the purchase and development of a 24-unit residential block in York.
The entire funding was completed in just 14 days from engagement to the full loan being raised, and the development by Norstar Limited is projected to have a Gross Development Value of £3.2m.
Investor returns are pegged at between 8.5% and 23% p.a.
Steve Robson of CapitalStackers commented: “This is a huge milestone in our development and singles us out from the competition as being able to perform swiftly and professionally when circumstances dictate. Working closely with our investors and professional advisers to deliver the whole package within an incredibly tight timescale is a fantastic achievement.”
CapitalStackers allows a wide range of investors to get involved with large commercial building projects, from housing to office schemes that would otherwise be out of their reach except through REITs or unit trusts.
This purchase is the latest in a string of new projects funded by CapitalStackers, which is currently inviting investment in a new residential development in Birmingham. The loan sought is £1.9m and returns will be between 7.7% and 17.2% p.a. over a 15 month term.
The residential block is located on Foss Place, Foss Islands Road, York.
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