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GCP Asset Backed Income lends against UK residential property

GCP Asset Backed Income has committed to two loans of up to GBP17.5 million aggregate which will be used to finance UK residential property.

The first loan, of up to GBP15 million and with a term of c.three years, will be secured on a subordinated ranking basis against a portfolio of eight co-living properties. The loan note will be issued in tranches, with an initial amount to be advanced of GBP5.3 million.

The second loan, of GBP2.5 million and with a term of c.five years, will be drawn immediately and will be secured against a portfolio of first ranking charges against UK residential property.

The loans have been funded from the net proceeds of its recent issue of C Shares.

GABI : GCP Asset Backed Income lends against UK residential property

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