OakNorth Bank completes £6.55m property development facility
OakNorth Bank – the UK bank powered by OakNorth – has completed a £6.55m loan (£5m CBILS and £1.55m non-CBILS) to Hampstead Homes Southern Ltd.
The capital will be used to develop six new luxury residential units in Hampstead, including two two-bedroom flats, two two-bedroom duplexes and two three-bedroom duplexes.
The area is an affluent region of North West London, and is less than a 30-minute drive to Heathrow Airport.
The deal comes as the latest analysis from Savills reveals that demand for homes with more quality living space and outdoor areas has been boosted as a result of COVID-19, and more of the capital’s workforce expecting to at least partially work from home in the future.
Hampstead Homes Southern Ltd, commented on the transaction:
“As a result of COVID-19, we’ve experienced first-hand, banks retrenching from the market and pulling back from lending, we were grateful when the team at OakNorth Bank was willing to help, so we’re glad we could get this over the line quickly.
We hope to work with OakNorth Bank again soon on future developments.”
Priya Chauhan, Debt Finance Director at OakNorth Bank, added:
“London’s high-end residential property market has always been an attractive investment, but is seeing a further boost in demand as a result of more flexible working from COVID-19 and the removal of stamp duty.
We were delighted to support the team at Hampstead Homes – they have successfully completed many projects across London and the South East, so have a clear view as to what buyers are looking for.
We look forward to seeing how the project evolves and look forward to working with them again.”