Whitehall Capital delivers development loan on Croydon resi scheme
Bridge finance specialist Whitehall Capital has delivered a £2.25m development loan facility on a 50-unit residential development scheme on the southern edge of Croydon.
The property sits within around seven acres of mature grounds and comprises part of a residential complex consisting of a 16th Century farmhouse, incorporating a Victorian extension, with numerous additional buildings and outbuildings.
The developer plans to offer 33 studio apartments, eight one-bedroom flats, four duplex one-bedroom flats, four two-bedroom flats and one three-bedroom flat – with a total of more than 2,000 square metres.
Anthony Bodenstein (pictured), founder and managing partner at Whitehall Capital, said: “The project is an exciting one, and whilst it represents a departure from our core bridge finance business, it serves to underline our capability in delivering short term, flexible and bespoke property funding solutions across the Residential and Commercial markets.
“This continues to be a difficult period for many businesses, and the consensus is for the business environment to remain challenging.
“However, the bridge lending market has shown remarkable resilience, and our pipeline remains strong and encouraging.
“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 opportunities being presented.”
Whitehall Capital Management Limited delivered a net return of 2.08% for the third quarter, bringing total returns from January to 7.47%.
With a return of 34.02% since its inception in August 2017, the fund continues to perform in line with its target annualised return of 10% and to underline its low correlation to broader equity markets and the resilience of the UK bridge lending market in the context of the current economic environment.