KERSFIELD SECURES A RECORD BREAKING PEER-TO-PEER LOAN TO DEVELOP BURWALLS, BRISTOL
In August 2014, Kersfield secured a deal with Wellesley, an asset-backed peer-to-peer lender. Together they made history in announcing the completion of the largest ever loan made through a peer-to-peer platform.
The £10.8M loan – which beats the industry’s previous £8.3M record also set by Wellesley in April 2014 – is secured against the historic mansion Burwalls, which is situated next to the iconic Clifton Suspension Bridge and the Avon Gorge in Bristol.
The loan has been used by Kersfield to purchase the property, who will renovate the 142 year old building and grounds to create five new apartments, six new build houses and a converted lodge.
Commenting, David Newton, Kersfield said:
“The option of peer-to-peer finance was extremely attractive as it is quicker, more flexible and often with better commercial terms than traditional lenders. We have also found banks unwilling to lend in regional cities despite there being strong residential markets, such as the much sought after Clifton area of Bristol where Burwalls is located. Wellesley understands these positive fundamentals, whereas most traditional lenders have not. We would certainly consider using peer-to-peer finance as the funding vehicle for future projects.”
Commenting, Graham Wellesley, Chairman and Co-Founder, Wellesley said:
“The completion of this loan is a fantastic achievement, not just for the Wellesley team but also those investors who have supported the business since our launch last November. To be able to break the record we set earlier this year demonstrates our phenomenal growth and we’re delighted to have been named market leader in terms of monthly cumulative origination volumes.”
“As the most prestigious residential development to come to the market in Bristol for some time, as with our other developments in the area, we expect to achieve record prices. We are likely to sell the entire scheme off plan, having already received a lot of unsolicited interest.”View all news