Move into care sector
Assetz Capital acquires Fife home in Scotland expansion move
Investment into care home near the Old Course
Assetz Capital has made one of its biggest deals in Scotland since expanding its team north of the border.
It has provided a £615,000 loan for the purchase of a St Andrews-based guest house, part of a focus on the care sector.
The acquisition of Dukeside Lodge near the Old Course follows the recent expansion of Assetz Capital’s deal origination team in Scotland which saw Lucie Martin join as relationship director.
Focusing on lending in the care home sector, Ms Martin will be aiming to expand the company’s reach for introduced businesses from the professional services sector.
Assetz Capital was established in 2013 with the aim to create a fairer lending landscape, providing non-bank loans to small businesses and property developers.
Dukeside Lodge in Fife has been refurbished
It has lent more than £910m to date and, funding projects such as commercial properties, housing developments, care homes and purpose-built student accommodation (PBSA). In the last year alone, Assetz Capital has funded the construction of one in 100 homes built in the UK.
John Hewitt, regional director at Assetz Capital’s UK – North team said: “It was great for us to support a borrower who was committed to refurbishing Dukeside Lodge into a luxury guesthouse.”
Stuart Mackenzie from Dukeside Lodge, said: “The purchase and refurbishment process hasn’t been easy and we have faced a number of setbacks along the way, but John and his team at Assetz have been pivotal in helping us get up and running.
The loan was brokered by Craig Patterson at Ayrshire-based Zen Commercial Finance.