Downing Development Finance aids new housing scheme in Surrey with £6.7m funding

Downing Development Finance, part of investment manager Downing LLP, has provided £6.7m investment for the development of 50 new residential homes in Ashford, Surrey.

The site currently comprises a commercial building with planning permission to develop 50 residential units in its place through an experienced developer, all of which will be affordably priced for the area.

This latest investment has helped Downing Development Finance, which launched in December 2017, surpass £50m of committed facilities across 20 different projects within its first year.

Parik Chandra, head of residential development finance at Downing LLP, said: “Downing Development Finance set out with the ambition of helping address the lack of financing for SME property developers.

“I’m confident that we are delivering on this aim, having now exceeded our initial £50m investment goal and we are also well on track to reach £100m of commitments during the course of next year too.

“There remains a structural undersupply of housing in the surrounding area of our latest funding project, making smaller scale housing developments such as these absolutely vital.”

Downing LLP is an FCA authorised and regulated investment manager with over 25 years of experience, 35,000 investors and in excess of £950m of funds under management.

Downing managed funds have supported UK development projects since 2010 totalling more than £250m.