- Sector: Residential development
- Location: Stroud, Gloucestershire, UK
- Loan amount: £5.1 million
- Term length: 24 months
Sourced via a long-term relationship with a debt adviser, Downing provided a £5.1m first charge loan to Cornwell Construction for the development of a 33-house estate in Gloucestershire.
The loan was over a 24-month term with an estimated loan-to-gross development value of 63%.
The houses themselves are mass-market affordable housing, targeted at owner-occupiers. The scheme created a multiplier effect by generating a positive economic impact for local traders and professionals.