Eight luxurious Holywood homes get £3m in funding from peer-to-peer lending firm
Eight luxury homes being built in the hills of Holywood have received £3m in peer-to-peer (P2P) funding.
Cobain Group, which is behind The Twisel Brae development, received the funding from lender Assetz Capital.
The eight detached properties, styled by designer Kris Turnbull, will range from 2,200 to 4,000 sq ft in size, and cost between £575,000 and £800,000.
AKM Construction - part of the Cobain Group - will build the properties, five of which have already been sold.
In January, Assetz Capital opened an office in Belfast city centre. The firm offers a range of lending solutions including commercial mortgages, bridging loans, development finance and bridging finance, and to date, has lent over £435m to UK SMEs.
Mike Cobain, chief executive of Cobain Group, said: "Assetz Capital is a game-changing lender whose P2P lending model is beginning to render archaic institutional bank finance structures defunct in many situations.
"Andrew Fraser and Assetz as a business, understand the construction space implicitly, resulting in senior debt structure that makes the commercial logical sense that the industry has desperately required."
Andrew Fraser, relationship director for Assetz Capital, said: "Mike Cobain and his experienced construction team have created a landmark project for Holywood and greater Belfast.
"Assetz Capital are delighted to be involved in the scheme."