Paul Oberschneider

Hilltop lends £8.6m for north west London ground-up development

Hilltop Credit Partners has completed an £8.6m loan to 196 Willesden Lane Limited, an SPV controlled by Gage Properties Limited.

The transaction brings Hilltop’s total funding commitments to SME developers so far this year to approximately £25m.

The funding will be used for the site acquisition, demolition and ground-up development of 16 residential units in Brondesbury, north west London.

These will consist of one-, two- and three-bedroom flats spread across three low-rise blocks.

There will be parking spaces for 14 cars and 24 bicycles, and the development will be a short commute to central London.

Sales are targeted for late 2021/early 2022 and several of the planned units are set to qualify for the Help to Buy scheme.

Gavin Essex, founder of Gage Properties, said: “We are very pleased to have completed this funding with Hilltop Credit Partners, who helped us get this deal across the line, in spite of the headwinds that intervened mid-way through the transaction. 

“We look forward to developing this site, which we have been working on for the past several years, and delivering the sort of high-quality, design-led scheme that we have come to be known for.”

Paul Oberschneider, founder of Hilltop Credit Partners (pictured above), added: “We are delighted to be working with such an experienced and talented developer on this project, which we believe will be very well positioned in the local market.

“Despite the current uncertainties in the world, Hilltop continues to back projects and management teams that it believes in.”

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