Sol and Eddie Zakay’s Topland is ploughing a further £150m into the residential sector through a new tie-up with Wolsey Securities.
The investor has teamed up with the Surrey-based residential development finance specialist to provide mezzanine funding through to senior debt to developers in the credit-constrained housing market.
The duo has completed its first two deals providing £2m of financing to Wolsey’s client, Kent-based developer Munro Homes, for two developments in the Maidstone area.
A number of other deals are in the pipeline which, if completed, will lead to a further £8m being injected into the market through Wolsey.
The tie-up follows a number of others for Topland which is keen to continue to invest in the UK housing market, primarily in the South East and London commuter belt.
In May it formed a £200m partnership with residential developer Westcity and Dragonfly Property Finance, which provided £20m of mezzanine debt across its first three transactions.
Topland’s director of structured finance, Tom Betts, said: “The partnership with Wolsey reinforces our commitment to invest in the residential sector and we believe there are good business opportunities for the right developers to work with Topland and Wolsey.”
Wolsey Securities managing director Stephen O’Brien said; “Being able to make available funding up to 85% of all development costs is exceptional in this market.”
bridget.oconnell@estatesgazette.com
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