Hampshire Trust Bank has provided a £12.3m loan to Boxblue (SPV), to fund the redevelopment of a site in Fulham, London.
The loan has assisted with the purchase of the existing building on the site, its subsequent demolition and planned erection of 30 one-, two- and three-bedroom flats and 18 underground parking spaces.
The project has a gross development value of c£22m and the borrower was introduced to Hampshire Trust Bank by SPF Private Clients.
David Alcock, Deputy Managing Director of Property Finance at Hampshire Trust Bank, said: “We are delighted to be supporting this high-quality development which will transform a redundant site into a very attractive and well planned residential apartment scheme. The borrower is a professional property developer with a number of successful projects already under their belts. We look forward to working with them again in the future.”
Simon Blakebrough, of Boxblue, said:
We are very pleased to be working with Hampshire Trust Bank to deliver a high quality development which we aim to have on the market towards the middle of 2017.
Daniel O’Neil, of SPF Private Clients, said: “The teamwork from all parties was excellent in this challenging market with special praise reserved for Hampshire Trust Bank for their seamless deal execution.”