A new property finance outfit has launched, funded largely by an ultra-high-net-worth family office, to provide debt and equity funding for real estate projects.
ASK Partners is being run by Daniel Austin, Doug King and Paul Stevens; the business started trading six months ago, and has already closed seven deals.
ASK claims to have “a significant pool of flexible capital”, and is not constraining itself to any particular sector, location or loan type. Funding can be arranged for anything from £1m to £25m – and above if it’s the right project, covering pretty much anything from bridging finance, senior loans, mezzanine debt and joint venture equity agreements.
The founding team has quite the track record: Chief Exec Daniel Austin was previously founder of Capital A Finance plc, which wrote over £225m of loans between 2012 and 2014, and before that worked at Investec Bank. Chief Operating Officer Doug King was also on the senior management team at Capital A, while Executive Chairman Paul Stevens set up Investec’s European property finance business back in 1995.
The six already done-deals include a senior loan secured against six apartments in a completed development in Mill Hill, a planning loan against three adjoining sites in Watford with a combined plot area of just over an acre, and an acquisition and development loan for a scheme of more than 100 homes in Slough.
Daniel Austin, Chief Executive of ASK Partners: “In a market saturated with lenders, our focus is on applying our real estate knowledge to each individual situation, using our flexible capital to create bespoke financial solutions from across the capital structure and for a broad range of ticket sizes. We are also able to act quickly: our most recent deal had a turnaround time from agreeing terms to completion of just ten days. The personal approach of our experienced team and our focus on partnership set us apart and, with a selection of deals already under our belt, we are actively looking for more opportunities.”