TowerBrook Capital Partners has backed a newly launched UK development lending platform created by the co-founders of real estate financier and asset manager Urban Exposure.
Pr茅cis Capital Partners, led by its co-founders Randeesh Sandhu, Daljit Sandhu and Karen Dunstan, has been set up to provide flexible and efficient debt financing solutions for large-scale residential projects.
The Sandhu鈥檚 are co-founders of AIM-listed Urban Exposure. Dunstan previously served as general counsel of Urban Exposure, after starting her career as a lawyer at King & Wood Mallesons, Herbert Smith and Charles Russell Speechlys.
Pr茅cis Capital intends to originate, underwrite and manage whole loans of over 拢50m (鈧�57.8m) to finance the construction of residential for sale, build to rent, retirement living communities, co-living spaces, student accommodation and other residential assets, with a view to providing up to 拢1bn of development financing a year.
鈥淎 chronic funding shortfall has been among the biggest contributory factors to the structural imbalance within the UK housing market we are seeing today,鈥� said Randeesh Sandhu, CEO at Pr茅cis Capital.
鈥淚ncreased volumes and more efficient delivery of private development financing are a fundamental prerequisite for bridging the gap between the longstanding and fast-growing demand for housing in the UK and the supply currently delivered by homebuilders.
鈥淲e are extremely excited to be drawing on our experience and partnering with TowerBrook, with their proven history of backing specialist financing platforms such as Hayfin Capital Management and Ladder Capital, to meet this challenge and address the market need.鈥�
Daljit Sandhu, COO at Pr茅cis Capital, said: 鈥淭here is a significant opportunity for a new purpose-led approach to lending in the current market. 2021 is a pivotal moment for the UK鈥檚 construction industry and we aim to help the industry transition towards net-zero targets with sustainable build standards, adopt technology and embrace modern methods of construction.
鈥漌e want to support the economic recovery, the government鈥檚 green agenda and the 鈥榣evelling up鈥� policy programme.鈥�
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