OakNorth Bank funds residential scheme in Eastcote

By Bridging Loan Directory 7th April 2022

OakNorth Bank – the UK bank for entrepreneurs, by entrepreneurs – has provided a £1.4M loan to SC Property for its latest residential development project in Eastcote, part of the London Borough of Hillingdon.

The three-storey development will consist of six individual units, including two one-bedroom, three two-bedroom and one three-bedroom apartments, as well as four private parking spaces.

Situated along Elm Avenue and only a short walk from Eastcote station, which offers regular trains via the Piccadilly and Metropolitan lines into central London, residents will benefit from quiet residential streets, multiple bars and restaurants, as well as popular tourist attractions, including Eastcote House Gardens.

Founded in 2017, SC Property specialises in delivering quality homes at an affordable price, having delivered 41 homes to date at various locations across the UK, including 24 apartments in Aylesbury and a further six in Leicester.

In addition to these, the experienced housebuilder has a further 19 homes due for completion in the next year.

Ajay Gudka, Director of Silver Circle Property, said:

“At Silver Circle Property, we firmly believe that the buyer comes first. We aim to develop homes that reflect the way we would want to live, meaning we deliver a finished product that considers those little touches that make life at home more comfortable, functional, and enjoyable to live in.

The result is a premium product, which we know buyers will be happy and proud to call home. This is exactly what we’re aiming to deliver with our Eastcote project, which given its proximity to central London, will likely be very popular for first time buyers and growing families.

Having worked closely with Priya and the wider team at OakNorth Bank, we were impressed by the speed and pragmatism they demonstrated throughout the entire process, allowing us to get the transaction over the line in just three weeks.”

Priya Chauhan, Director of Debt Finance at OakNorth Bank, commented:

“Following nearly two decades working in the financial services industry, spanning the investment, retail and commercial banking sectors, Ajay has extensive experience leading change management projects at small, medium and large firms – a skill he’s now brought to the residential development market.

His leadership of SC Property has been highly impressive to date, and we’re thrilled to be supporting such a well-renowned SME housebuilder.

With recent figures showing the supply of new housing is currently lower than the Government’s ambition of 300,000 new homes per year, we’re doing everything we can to support SME housebuilders to ensure they get access to the debt finance they need to continue bringing new homes to market.”