Vector Capital completes first tranche of £1.57m bridging loan
Vector Capital has completed the first tranche of a £1.57m bridging development loan for Sapphire House, Stafford Park, Telford which comprises 88,325 square feet of office space in five storeys spread over 3.4 acres with 336 car parking spaces.
The developer, Kalinga Holdings is a repeat client who is converting a large office block to flats on one section of the building, while the remaining section may be leased to a hotel operator.
Sapphire House is prominently located overlooking Junction 4 of the M54, providing direct access to the M6 motorway, which lies 15 miles to the east. Telford town centre and the train station are located 1.5 miles to the east. The building provides a full Grade A specification that includes comfort cooling, fully accessible raised floors, category II lighting, two passenger lifts and one goods lift, plus an extensive CCTV system.
The two-year bridging loan was completed in just 21 days from the initial loan application to draw-down of funds. Vector Capital has taken a first charge over the freehold and directors’ guarantees.
Agam Jain, Managing Director of Vector Capital commented:
“We are delighted to be working with Kalinga Holdings, a long-term partner, on this real gem in the heart of the West Midlands.
Since 2014, we have provided the developer with bridging finance for a range of projects in Newquay, North London, Oxford, Fareham and East London. We take a partnership approach with all our clients and have achieved a retention rate of 85%. Our quick loan processing, transparency and agility enable us overcome any issues or problems in loan applications swiftly, compared with larger lenders.
We are looking forward to working with Kalinga Holdings to complete this development project and assisting them with future projects planned for later this year.”
Neal Patel, Director of Kalinga Holdings commented:
“We chose to work with Vector Capital on this new development as we have been deeply impressed with the support and partnership approach the lender has taken in working with us over the last six years.”
Sam Ashoka, Partner, Gunnercooke LLP commented:
“We have worked with Vector Capital over many years and together have completed hundreds of successful bridging, development and business finance loans covering commercial and residential property.
The team at Vector take a very pragmatic approach to resolve any difficulties we encounter which enables us to work on their behalf, with a high level of efficiency and speed.”