Zorin Finance CEO Luke Townsend delighted lender has passed £300m loans funded

Brian West

05 February 2018 15:10 GMT

Luke Townsend, CEO of Zorin Finance, says he is delighted that the specialist property lender has passed the £300m milestone of loans funded.

The figure has been reached since the business's inception in 2011 when it was founded by entrepreneur Luke Townsend as a response to what was seen as a lack of development finance available from established high street banks.

Zorin says it can faster and more flexibly than banks thanks to the team’s "experience, funding lines and lack of traditional fixed overheads". It has now funded a total of 94 loans with zero capital losses.

Zorin says a lack of fast and flexible finance keeps smaller housebuilders trailing behind their bigger rivals, adding that strict loan-to-value limits set by mainstream banks is restricting the amount of work that smaller builders can take on, which in turn is preventing more homes being built.

Zorin’s facilities are typically drawn within six weeks of applications being received. With alternative lenders’ share of the development finance market having doubled in the last three years, Zorin hopes to contribute to the renaissance of smaller housebuilders.

Zorin typically offers development finance and bridging loans for between £1m and £50m and can offer loans up to 90% of loan-to-cost and 70% of loan to GDV.

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