OakNorth Bank – the UK bank powered by OakNorth – has provided a £3.7m loan to Clearview Developments for a new residential development in Royal Tunbridge Wells.
The finance will be used to convert a detached period mansion with five apartments – Broadwater House – into 14 one and two-bedroom apartments across four floors. The site, which is surrounded by beautifully landscaped grounds, offers off-street parking, electric charging points and is situated just a mile away from Tunbridge Wells train station, offering regular trains into London in less than an hour.
In addition to the area’s good transport routes, it is also home to a number of top-ranking state and private schools, stately homes and gardens, making it a desirable destination for families.
Jason Tema, Director at Clearview Developments, commented:
“The latest Borough of Tunbridge Wells’ Housing Need Study shows that the area’s population is estimated to increase by 9.4 percent to 128,800 in the next decade, so it’s in need of new homes. We thoroughly appreciated the eagerness and speed at which Hemesh and his team operated – following the credit committee which we got to attend in person, we received an answer within a few hours and I have found OakNorth Bank to be very commercial with decisions at each step of the process.”
Hemesh Patel, Director of Property Finance at OakNorth, added:
“Jason and his team have an impressive track record of converting residential properties in popular areas, and this new development, targeting daily commuters and families looking for a more suburban lifestyle is a perfect example of this. We look forward to working with the team on further projects in the future.”