Whitehall completes £6.5m bridge on Croydon conversion
Whitehall Capital Management Limited has completed a £6.5m 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, includes an exit of 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 detached office building, 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 support the developer during the development phase, 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.
The loan was closed in just four working days, and was supported by solicitors Lawrence Stephens – namely Gregory Palos, Milana Katz and Rachel Coulthard.
Anthony Bodenstein, managing director of Whitehall Capital, 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.”