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Downing Crowd launches property bond for SME developers
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Investment platform Downing Crowd launched a new property development bond offer, as part of a 12-month programme to raise £50 million for small and medium-sized enterprise (SME) property developers and small businesses that want to develop their premises, such as pubs and care homes.
Over half (54%) of small to medium-sized (SME) housebuilders say a lack of financial support is the second biggest barrier to building new homes* - a contributing factor in the UK housing supply crisis. Small developers were estimated to be responsible for around 15,000-20,000 new build completions in 2015/16, even fewer than the outputs during the 2008-09 recession**.
£38 million worth of property loans have already been committed from this loan book and there is an expected pipeline of further property loans totalling over £24 million (both figures as at June 2018).
Property bond case study: Cornwell Construction
Gloucester-based residential property developer, Cornwell Construction, recently received a £5.1 million loan from the investment manager to support the delivery of a local, affordably priced, housing scheme. Ten of the total 33 homes planned for the development are nearing completion, with the remainder expected to complete by 2020.
This bond offer will offer a choice of two fixed rates for investors, either paying 4.5% P.A. for investing until August 2019, or 5.5% until 2020. All bonds in the programme can be held in the Downing Innovative Finance ISA which allows investors to earn this interest tax-free.
