Specialist bridge financing fund, Whitehall Capital Management, has completed a £6.5m bridging loan on a development project in South London.
The loan, with first charge over the property, has a clear and reliable exit, with refinance to a defined mainstream lender at the end of the project development, and has been made for an initial period of 15 months.
Whitehall Capital confirmed that the transaction will facilitate the conversion of a commercial unit into 163 apartments, arranged as 137 self-contained studios, nine one-bedroom flats, 12 two-bedroom flats and five three-bedroom flats.
The specialist lender also confirmed it will be supporting the developer during the development phase of the project, with the projected value on the completed scheme estimated at more than £24m.
Commenting on the completion, Whitehall Capital managing director, Anthony Bodenstein, said: “We are 100% self-funded here at Whitehall, leveraging a well-established network of HNW 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.”
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