Hampshire Trust Bank (HTB) has provided a £7.24m development finance facility to support the acquisition and redevelopment of a site in Elephant and Castle, Central London.
The funding enabled the construction of a two-storey vertical extension, renovation of existing units, and enhancements to the building’s façade.
Upon completion, the project will deliver 23 apartments.
HTB provided the £7.24m loan against an £11.15m gross development value (GDV), representing 65% loan-to-GDV (LTGDV).
The borrower, an experienced developer, used the funding to acquire and redevelop the site.
Neil Leitch, managing director of development finance at Hampshire Trust Bank, said: “This deal brought together several challenging elements – vacant possession, structural hurdles with a vertical extension, and a share purchase.
“By working closely with the advisor and borrower, we tackled each issue head-on and ensured the funding was delivered on time.
“It’s a prime example of HTB’s commitment to finding practical solutions and making even the most complex projects happen.”
James Mole, director at J3 Advisory, added: “This was a unique and complicated case, and it took terrific teamwork and coordination to get it over the line.
“Some lenders might have struggled with the complexities involved, but I was confident that HTB would tailor a solution for the client – and they more than delivered.
“I look forward to working with them again to support my developer clients in the future.”
