Strabane firm funding 55 new homes with £7m from peer-to-peer lender
A Northern Ireland developer has won £7.2m in funding from a peer-to-peer lender to build 55 new homes in mid-Ulster.
The N&R Devine Group is in the process of building the properties, which will go on the market at prices between £105,000 and £189,000.
Twenty of the homes will be built in Cookstown, 25 in Coalisland and the remainder in Sion Mills.
The Strabane-based builder secured the funding for the developments from peer-to-peer lender Assetz Capital.
Of the 55 homes, around 30 are mid-construction, with 15 already sold off-plan.
The N&R Devine Group designs and builds homes across Northern Ireland, specialising in affordable homes and social housing.
It built some 80 properties across the island of Ireland last year.
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The group's Niall Devine said: "With Assetz Capital's support, we have the funding to execute our plans and construct these homes on schedule.
"The team were able to provide a flexible facility that met our requirements and we are looking forward to continuing our work with the firm as we target future projects."
Andrew Fraser, relationship director for Assetz Capital, added: "We were impressed by the scale and ambition of Niall's plans, and they required a facility to get the projects over the line to meet demand.
"The N&R Devine Group has an excellent reputation for quality, very affordable family housing in the region, so we were keen to work with the firm to deliver these properties in a timely fashion.
"With the majority of the homes already booked or sold, we have no doubt that the finished project will be a huge success for the group."
Assetz Capital said it had identified a "massive opportunity for peer-to-peer lending" in Northern Ireland when it opened an office here in January last year.
It provides different forms of lending, including commercial mortgages, bridging loans, SME-secured loans, development finance, renewable energy loans and buy-to-let loans for professional landlords.
Its first major deal in Northern Ireland was in March last year, when it granted £3m of funding to the Cobain Group for the construction of eight luxury homes in Holywood, Co Down, priced at up to £800,000.
Assetz Capital said it had funded a 15 deals, with a total value of £26.3m, during its first six months of operation in Northern Ireland.