The developer who secured the funding from Whitehall Capital 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 sq m.
The £5.1m GDV scheme sits within approximately seven acres of mature grounds, and comprises part of a residential complex, consisting of a 16th century farmhouse with a Victorian extension, as well as numerous additional buildings and outbuildings.
The loan was agreed at 83% LTC and 61% LTGDV on a 15-month term.
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Anthony Bodenstein, founder and managing partner at Whitehall Capital (pictured above), said: “The project is an exciting one, and, while 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.”
He added that, despite this being a difficult period for many businesses, the lender’s pipeline remained 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.”