Sourced Capital has announced the opening of their new £5,055,000 investment facility, which will be used to support the development of 1 Tangier Central, Taunton into 55 apartments.

The former office building has planning permission to be converted into 55 self-contained residential units, split into 42 one-bedroom and 13 two-bedroom, in an area where planning permission for residential development is hard to secure.  

Derek Pratt, Commercial Director at Sourced Capital, said: “We are delighted to be able to launch this new investment opportunity so soon after the last project and pleased that this will give more of our qualified investors the chance to back this increasingly popular asset class. Over recent months, demand has been growing steadily to the point where we have funded deals in under a minute. So this next loan will help satisfy that growing demand from investors who are looking for rates of return that are capable of staying ahead of rapidly increasing inflation rates.” 

This new facility represents the largest development opportunity, to date, that Sourced Capital has made available for funding via their Peer to Peer platform. The loan has a term of 18 months, with a loan to gross development value of 67%.

Pratt continued: “As a Peer to Peer Platform, our clearly stated intention is to provide facilities that benefit both investors and borrowers. We are lending to support a wide range of property transactions including ground-up developments, conversions, and refurbishments.”