Whitehall Capital Management has completed a £6,500,000 bridging loan on a development project in Croydon, South London to aid the conversion of a commercial unit into 163 apartments.
The loan, with first charge over the property, has a clear and reliable exit, with refinance to a defined mainstream lender at the end of the project development, and has been made for an initial period of 15 months. The loan will facilitate the acquisition of the former two/three storey detached office building (B1a Use Class) arranged over the ground, first and second floors, with an additional two storeys currently in the form of a skeleton steel frame.
The building is currently vacant, with site works underway in relation to the general permitted development proposal, and planning consent for two additional storeys at third and fourth levels.
Whitehall Capital will also be supporting the developer during the development phase of the project, with the projected value on the completed scheme estimated at more than £24m.
The completed scheme will provide 163 units, arranged as 137 self-contained studios, nine one-bedroom flats, 12 two-bedroom flats and five three-bedroom flats. There will be two lift access points to all floors, 192 cycle parking spaces (135 covered long stay and four short stay), and 34 car parking spaces (including four disabled bays).
The loan was closed in four working days.
Anthony Bodenstein, Whitehall Capital’s managing director, said: “We are 100% self-funded here at Whitehall, leveraging a well-established network of HNW individuals, family offices, hedge funds, and as required, the wider market, so we are funded to move at pace and can reduce transaction turnover times significantly; that gives us a real market advantage and has contributed significantly to the widely coveted reputation we enjoy for a quick turnaround, our clear, open and honest communication throughout the loan process, and our ability to get projects funded.
“With a strong and encouraging pipeline of transactions at hand, we look to 2022 with great optimism. Our focus on high-quality borrowers and low LTV loans is proving to be a recipe for success in the current economic environment, with some excellent lending opportunities being presented to us at this time.”
