Radstock-based Oval Estates has received two secured loans totaling £317,000 helped by ThinCats.com, the online marketplace that allows investors to make secured loans directly to UK businesses.
Oval Estates, a family-run business which develops and builds about 50 to 60 residential homes a year and some commercial buildings, is using the funding to prepare land for development a 60-bed care home for dementia sufferers and an assisted-living retirement village in Radstock.
Managing director Alan Broadway said: “We have an established track record, an impeccable credit rating and has successfully survived two recessions. But, despite all this, high-street banks have been unwilling to lend to us for development funding because they've effectively closed their books on property lending, even to creditworthy companies like ours.”
