OakNorth Bank completes £6m property development facility with Redsky Homes
OakNorth Bank – the UK bank powered by OakNorth – has completed a £6m loan to Redsky Homes to develop a new seven-storey, mixed-use scheme in Ealing, comprising of 22 residential units, as well as office and retail space on the ground floor.
The site, located at 18-19 The Mall, is a short walk to Ealing Broadway station and in close proximity to several leading schools and outdoor spaces.
The management team at Redsky Homes has decades of experience successfully completing several mixed-use schemes in and around London, including in Farnham Common, Slough and High Wycombe.
Tejinder Singh Sekhon, Managing Director of Redsky Homes, commented on the transaction:
“COVID-19 and the impact it’s had on working lives means demand for homes outside of London which are more likely to have outdoor space has shot up.
However, many of London’s residents may not yet want or be able to relocate outside of the capital, so a home with a balcony or terrace is a good compromise.
What’s more is that Ealing is in one of the best areas to live in London with great local schools and an abundance of nice parks.
We’re therefore delighted to be bringing this new scheme to market and are grateful to the team at OakNorth Bank for supporting us.
With another lockdown underway, many lenders are pulling back from the market, but Deepesh and the team were willing to look at our track record and experience of developing through multiple credit cycles and use this to inform its decision.”
Deepesh Thakrar, Senior Debt Finance Director at OakNorth Bank, added:
“We know Tejinder and the management team at Redsky Homes very well.
Between them, they have several decades of experience with this type of development, as well a market-leading in-house team with the aim to ensure projects get completed on time and within budget.
The location of this development is strong, making it attractive to first-time buyers, as well as young families.
We’re seeing growth in both the rental and freehold purchase market, so even if COVID-19 impacts demand in the buying market, there will still be clear demand from renters.”