A residential property development in East London has been refinanced, following a bespoke £15m development to investment loan from Secure Trust Bank (STB) Real Estate Finance (REF).
Situated in Chadwell Heath, an area rising in popularity for new property development schemes, the eight-story building will provide 55 high-quality residential units comprising of between one to three bedrooms. The residential property is set to further appeal particularly to small and growing families, with a landscaped park and nature area nearby.
The apartment block also includes one commercial unit and is due to reach practical completion in January 2025. The ground-up scheme will be welcome news in housebuilding given the UK's ongoing need for more housing, especially in London where there is a particular shortage of affordable homes.
The five-year loan was facilitated thanks to a longstanding relationship between Matthew-Blaine Young, Head of Origination at STB, and the broker, Stuart Bradney of Carbon Funding Consultants. Lawyers Dan Keys, of Clyde & Co, and Liz Roberts, of gunnercooke, also played a vital role in securing the deal.
STB's experience and expertise in providing finance for property development assisted in shaping a transaction curated to the buyer's unique requirements. The £15m development to investment loan enables the developer to hold and operate the property in the long-term as a build-to-let scheme.
Stuart Bradney of Carbon Funding Consultants said: "We're delighted to have sealed the deal with STB. Our established relationship with Matthew, and ultimately STB overall, was testament to completing the transaction in a timely fashion.
"A complex transaction like this requires the right team around it to achieve a successful outcome. As a result, STB's previous experience in overcoming the challenges affiliated with property development investment, alongside the professional input of the deal's lawyers and surveyors, was crucial to finalising the agreement.
"Conducting a weekly touch point meeting with Matthew and the team was pivotal to ensuring fluent and clear communication throughout the process. To us, STB is a trusted bank. We have been working with the real estate finance team and Matthew for five years now, and they have a tailored approach that really sets them apart from the competition."
Matthew-Blaine Young, head of origination at Secure Trust Bank Real Estate Finance, said: "Having worked with Stuart and Carbon Funding Consultants in the past, it was clear that our partnership for this deal would be a productive and rewarding one. As specialists in residential property development finance and investment, we were adamant that we could provide a bespoke deal to befit the client's needs. We are proud to have played a role in providing new housing at a time whereby it is most needed."
For further details, visit Secure Trust Bank Real Estate Finance.