The loan – which was underwritten and completed within six weeks – is the largest the lender has completed and will fund the construction of 65 modern dwellings in Croydon (pictured above).
The project is expected to be completed by September 2019, after the developer received planning permission for the proposed work back in July 2017.
“We take great pride in our abilities as a business to underwrite these large and more complex development transactions,” said Mark Copson, director of lending at Oblix Capital.
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“It is imperative that our developers have absolute confidence that Oblix Capital have the development expertise to deliver not only on the completion of the facilities but in mitigating the risks when delivering the project as a whole.
Andrew Crainey, developer and director at UK Land Assets, added: “With projects of this nature, it is critical to work with a lender who has a developer perspective and often this is not the case with mainstream lenders.
“The expertise, diligence and support demonstrated by Oblix Capital throughout every stage of this project has been second to none and has ensured the project received the financial and technical support required to progress.”