Linell Homes Limited (LHL) says it is resuming the construction of 10 residential dwellings close to Wakefield City Centre due to a £2.1 million CBILS loan provided by Assetz Capital.
LHL says it was compelled to pause construction due to the nationwide lockdown but the funding from Assetz Capital Lending Limited addressed LHL’s cashflow issues.
CBILS (Coronavirus Business Interruption Loan Scheme) is a government-backed program that helps borrowers who have been impacted by Covid-19 get back on their feet by paying no fees or interest in the first 12 months of the loan.
Rebecca Hall, regional relationship director at Assetz Capital, commented on the loan:
“We are very happy to help LHL fulfill its plans for the growth of the business and the development of these new homes. It’s fantastic to see an experienced developer addressing the growing need for more housing in the UK, and there’s already been great interest in the properties.”
David Linell, the owner of Linell Homes Limited, said that Assetz Capital has done some incredible work to get this deal over the line.
“Our relationship director Rebecca Hall has given us immense support, keeping in contact throughout lockdown to secure funding for the development portion of the project.”
Assetz Capital, a peer to peer lender, claims that it has funded around 1 in every 100 new homes for the last two years and around 1 in 12 of all homes built by SME housebuilders over the same period.