The deal consists of a £6.5m bridging loan agreed at 70% LTV for the client’s acquisition of the former detached office building, and a £4m facility agreed at 55% LTGDV and 90% LTC for the development of the residential project.
Works are currently under way for the general permitted development proposal and planning consent for two additional storeys.
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Once completed, the over-£24m GDV scheme will offer 137 self-contained studios and 26 one-, two- and three-bedroom flats, as well as two lift access points to all floors, 192 cycle parking spaces and 34 car parking spaces, including four disabled bays.
Anthony Bodenstein, managing director at Whitehall Capital (pictured above), said: “We are 100% self-funded here at Whitehall, leveraging a well-established network of high-net-worth individuals, family offices, hedge funds, and as required, the wider market, so we are funded to move at pace and can reduce transaction turnover times significantly.
“That gives us a real market advantage and has contributed significantly to the widely coveted reputation we enjoy for a quick turnaround, our clear, open and honest communication throughout the loan process, and our ability to get projects funded.”