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At a glance

Fulfilling the UK’s
housing needs

Download At a Glance (PDF)

Our core business is managing third-party capital which is deployed in the form of debt finance to small and medium-sized residential developers. We provide competitive, flexible finance terms to enable these developers to build mainstream housing in major towns and cities across the UK. We are particularly focused on financing under-supplied segments of the market, such as housing that’s affordable for people on the lower rungs of the property ladder.

To service our borrower clients, we are expanding and developing our asset management activities to increase the funds available for deployment to this sector, thereby building market share, revenue growth, profitability and long-term shareholder value.

Business highlights

For the Group, the eight months to the 31 December have been full of significant milestones

New committed loans


Deployed by the Group


Projected aggregate income
(on loan book over life of loans)


Projected aggregate income
(the Group share, on loan book over life of loans)


Guaranteed minimum income
(on loan book over life of loans)


Guaranteed minimum income
(The Group share, on loan book over life of loans)


Weighted average LTGDV


Weighted average loan term

34 months

Weighted average IRR


Weighted average money multiple
(annualised and unlevered)

Download Business Highlights

Financial highlights



Basic loss per share


Basic loss per share adjusted for exceptional costs


Dividend per share


Net asset value


Net asset value per share

Download Financial Highlights


long-term value

Our strategy has been developed to fulfil the objectives of our two customer groups, borrowers and capital providers, as well as to deliver sustainable shareholder value.

Download Strategy (PDF)

Chairman’s statement

A focus on
risk-adjusted returns

“The Board is committed to high standards of corporate governance and instilling the right culture, behaviour and approach to how we do business.”

I am pleased to present my first Chairman’s statement following our successful IPO.

The Group continues to focus on achieving a well-deployed loan book generating strong cash flow in the form of fee and interest income, and diversified income from asset management fees during the ‘ramp-up’ period (explained further in the CEO’s Review).

New loans will replace redeeming loans, creating churn on our capital naturally throughout the year and, at that stage Minimum Income will become less relevant as actual income becomes recognised.

Download Chairman’s statement (PDF)

Case Study: Birmingham, B15

Senior debt facility to fund development.

St Martin’s Place will be one of Birmingham’s most exclusive luxury residential developments, located in one of the city’s most sought-after postcodes, minutes from the main business and professional district. The development comprises 228 apartments, as follows: 88 x 1-bedroom, 29 x 2-bedroom, 97 x 3-bedroom, 13 x 4-bedroom, 1 x 6-bedroom.

SevenCapital is one of the largest privately owned real estate investment and development companies in the UK, and the largest residential developer in Birmingham. The lead contractor, Colmore Tang, is an award-winning firm.

GDV: £66.7m

Case Study: Greenwich, London SE10

Senior debt facility to fund development.

The site is located in East Greenwich, a residential area in close proximity to central London and Canary Wharf. Redevelopment in the past 10 years has transformed much of the former surrounding industrial area around Greenwich Peninsula. Greenwich Square is a landmark residential-led scheme developed by Mace and strategic partners. Phase I of the development, funded by Urban Exposure, completed in October 2016 and delivered 361 new homes, a leisure centre, a public library, a GP surgery and new retail space, and was sold entirely off plan. Phase 2 comprises 239 private apartments built around a central landscaped courtyard, of which 86 are affordable units.

Mace was established in 1900 and is now a world-renowned construction and development group. It is the lead contractor on some of the most important and iconic building and infrastructure projects worldwide.

GDV: £133.1m

Case Study: Luton, Bedfordshire

Senior debt facility to fund the refinancing and development of a high profile freehold site known as ‘Napier Gateway’.

The 6.9 acre site is located near Luton airport and approximately one mile from the town centre. The development comprises 785 residential units, retail and leisure, a 209-bedroom hotel, a medical wellbeing centre, together with landscaping, car parking, new access and associated works. Strawberry Star Group, established in 2007, is an international property company specialising in capital, acquisitions, development, sales, lettings, management and asset management of London property to local and international investors. It has completed a number of large mixed-use developments in London.

GDV: £124.4m

Case Study: Birmingham, B2

Senior debt facility to fund development.

Timber Yard, located in Birmingham’s city centre Southside district, is a mixed-use scheme. Planning permission is in place for 379 residential units and 6,257 sq ft of commercial space at ground floor level on a 1.58-acre site. The development, designed by Claridge Architects, will comprise two residential buildings and will exhibit signature designs providing premier specifications. The East Block, the first release, will feature 219 studio, 1, 2 and 3-bedroom apartments. The West Block will feature 160 studio, 1 and 2-bedroom apartments.

Galliard is a highly regarded, award- winning UK housebuilder of significant standing.

GDV: £101.3m

Case Study: Manchester, M4

Senior debt facility to fund redevelopment.

The building, Brownsfield Mill, dating from 1825 and Grade II listed, is located in central Manchester in the vibrant Northern Quarter and sits on the canal side. The development will be one of the last mill conversions in the city. The development comprises 31 residential units (1 x one bedroom, 24 x two bedrooms, 6 x three bedrooms) and 19 surface car parking spaces, together with the freehold.

Since 1993, Urban Splash is a specialist regeneration developer and has undertaken more than 60 regeneration projects across the country, from Plymouth in the south to North Shields in the north, creating over 5,000 new homes and 2 million sq. ft of working space.

GDV: £14.2m

Case Study: Falmouth, Cornwall

Senior debt facility to fund the acquisition of land and development of 53 residential apartments.

The freehold site directly overlooks Gyllyngvase beach and all the apartments will have uninterrupted beach and sea views. The development will consist of 53 residential units above 2,800 sq ft of commercial property.

Falmouth Town railway station is located 0.4 miles from the site. The scheme, which has been christened ‘The Liner’ due to its nautical design, is set to become an iconic and visionary building, adding a new level of quality to the seafront.

GDV: £31.0m

Case Study: Bracknell, RG12

Senior debt facility to fund acquisition and development.

The site is the former bus station at Market Street, Bracknell, Berkshire. The town’s brutalist concrete structures have not aged well, and the area has undergone an extensive, phased regeneration project costing over £0.75bn, making it one of the largest urban regeneration schemes in the UK. The site is being redeveloped to provide 242 residential units (181 private, 61 affordable) across two blocks, plus 2,680 sq ft of offices and 184 parking spaces. Of the 242 apartments, eight are studios, 135 are 1-bedroom and 86 are 2-bedroom units.

The developer, SevenCapital is one of the largest privately owned real estate investment and development companies in the UK.

GDV: £67.5m

Case Study: Hampstead, London NW3

Debt facility to fund the development of a unique scheme of 17 apartments within the Hampstead Village conservation area.

Hampstead is situated in north London and benefits from the neighbouring expansive Hampstead Heath. The property is situated on the northern side of New End, which is within the centre of the village of Hampstead. The development is the first new-build scheme to be completed in the area for 18 years and will create some of the finest residential addresses in Hampstead. The development is of a striking design with wrap-around terraces on the upper floors and communal outside gardens, and will benefit from spectacular views across London. The properties will all benefit from underground parking spaces.

The borrower, The Linton Group, is an experienced developer having undertaken a variety of projects from basic refurbishments to large scale new-builds.

GDV: £74.6m

Case Study: Welwyn Garden City, Hertfordshire

Senior debt facility to fund working capital for the Borrower following land acquisition.

A high profile site consisting of 10 acres adjacent to the train station, it was formerly the Shredded Wheat Factory which closed in 2008 after 73 years in operation. Part of the former factory and all of the silos are Grade II* listed. The development will comprise 850 dwellings, potentially including up to 80 care home/assisted living units, various retail, commercial, office and leisure uses, together with ancillary amenity space. Several stakeholders including Tesco, Metropolitan Housing Trust and Welwyn Hatfield Borough Council.

The ZM Land team has delivered over 300 planning consents amounting to over 9,000,000 sq. ft of development in the last 20 years.

GDV: £133.1m

Case Study: Whetstone, London N20

Senior debt facility to fund the purchase and development of a site with planning permission for residential accommodation in north London.

The site address is 1418-1420 High Road, Whetstone. It is within walking distance of Totteridge & Whetstone underground station on the High Barnet branch of the Northern Line. Oakleigh Park overground station is also close by, providing direct links to Moorgate with a journey time of 30 minutes. Both stations are located in Zone 4. The proposed scheme is a mixed-use development with 22 new-build apartments on the first to fifth floors, and two retail units on the ground floor. The development will also benefit from a double basement car park for residents and retail staff.

Yogo Group is a renowned, multi-award winning property developer in north London. For over 18 years, and as a family run business, it has been designing, building and renovating some of the most glamorous and individual homes, with in-house architects, interior designers and project managers all working together to produce homes to an exacting standard.

GDV: £21.8m

Case Study: Bethnal Green, London E2

Senior debt facility to fund development.

The site is located in Bethnal Green, East London and lies adjacent to the Regent’s Canal. The completed development will provide 56 residential units in total, with 50 private apartments, three private cottages and three affordable units. There will also be three commercial units.

Aitch Group is a highly experienced and well-regarded developer, specialising in residential property development projects in London and the south east, having completed hundreds of mixed use, residential and commercial projects. It operates an integrated business model, from land and planning to construction, property management and marketing.

GDV: £40.4m


Chief Executive’s review

A transformational
year for the Group

“The Group has made solid progress towards achieving the business plan set out at IPO.”

2018 was a transformational year for the Group, during which we joined the AIM market. We have made a solid start to this new phase for the Group and laid firm foundations for the coming years.

In 2019, our strategy is to build on the positive foundations laid in 2018, to service our borrower clients through competitively priced and modestly geared loans, and to continue to raise deep and diverse pools of institutional capital to finance these loans by aligning with the needs of our capital providers.

New committed loans


New committed loans

Download Chief Executive’s review (PDF)

Corporate social responsibility

Committed to maintaining
the highest standards

We recognise five key areas that contribute to corporate social responsibility: Our people, Our clients, Our suppliers, Our environment and Our community.

Download CSR (PDF)

Case Study: The Harris Federation

The Harris Federation is a not-for-profit charity with over 25 years’ experience of education in and around London.

It has built its reputation on a family of 47 (and growing) primary and secondary academies that, across the board, are setting the highest standards of excellence. It is the top-performing large multi-academy trust and educates one in every 44 pupils in London (32,000) with a £200 million annual budget and 4,000 staff. 78% of all its academies have been graded as ‘Outstanding’ (compared to 20% nationally).

We have identified our first Harris Federation nursery – in Peckham, south-east London – for which we intend to provide dedicated financial support. Our aim is to raise annual charitable donations sufficient to discharge the entire operational costs of the nursery on an ongoing basis, with a launch date of September 2019. We would maintain constant involvement in the running of the nursery and, in time, would look to expand the model to further nurseries across London and the rest of the UK. This initiative will form the core of a dedicated Urban Exposure charitable foundation – Urban Exposure Philanthropy Limited – to be launched in the autumn of 2019. We are currently undergoing the process of registering the charity with the UK Charity Commission.

Case Study: Norwood

The Norwood charity supports vulnerable children and their families, children with special educational needs and people with learning disabilities and autism.

It has a multi-disciplinary team of practitioners and a family of services designed specifically to support vulnerable children and their families. It offers educational support services, occupational therapy, speech therapy and groups for children with social and emotional difficulties, and also a respite facility for children with learning disabilities or complex health needs.

In addition, it owns and manages 13 residential care homes to enable older children to live as independently as possible. Urban Exposure was proud to win Norwood’s Corporate Volunteer of the Year award for 2018.

Case Study: Akshaya Patra Foundation

The Akshaya Patra Foundation is a not-for-profit organisation headquartered in India.

It strives to eliminate classroom hunger by implementing the Mid-Day Meal Scheme in state and state-aided schools.

Constantly leveraging technology, its state-of-the-art kitchens have become a subject of study across the world. It is now the world’s largest NGO-run mid-day meal programme, serving wholesome food every school day to over 1.75 million children from 15,000 schools across 12 states in India. In February 2019, the organisation celebrated the serving of over three billion meals. It also aims to counter malnutrition and actively supports the right to education of socioeconomically disadvantaged children.