Whitehall Capital Fund (‘Whitehall Capital’ or ‘the Company’), the specialist commercial and residential property bridge financing fund, is pleased to announce that, in co-operation with wealth manager Amram Capital (‘Amram’), which owns 100% of Whitehall Capital, it has completed a £2.3m loan (‘the Loan’) for a £4m mixed-use residential and commercial development in Canterbury, Kent (‘the Property’).
The Loan is in line with Whitehall Capital’s strategy to generate positive returns for its investors via the provision of short term, flexible and bespoke property funding solutions to the UK commercial and residential property sector.
With Amram providing Whitehall Capital with the equity for the Loan, the Company was able to satisfy all the financing needs of the developer internally. This significantly accelerated the funding process, thereby giving Whitehall Capital a clear advantage over its competitors.
The Property, a former department and furniture store founded in 1929, boasts more than 4,000 square metres of prime retail space on Canterbury high street, just moments away from the city’s cathedral. The developer is planning to expand the existing space and build a mixture of retail, office, residential spaces and a hotel over 6,100 square metres.
Whitehall Capital issues short term loans (normally 3 to 12 months) that are primarily secured against residential UK property although properties may be residential, commercial, mixed-use or land with planning permission. It ideally targets loans secured against properties valued at between £1m and £10m. The majority of loans are in the £1-5m range. The fund only lends against properties in the UK and has a conscious bias towards big cities – London, Manchester, Birmingham etc. Its current focus area is outside central London but within the M25, but it is actively looking to be a more national lender of choice for its target market.
Alessandro De Camillis, pictured, underwriter at Whitehall Capital, said:
“By co-operating with Amram Capital, that has readily available capital at its disposal, we are able to cut the transaction turnover times significantly, thereby becoming a one-stop shop for developers and fulfilling their bridge lending needs quickly and efficiently.
“Last month we announced our second consecutive record quarter, taking the positive return for the first three quarters to 8.02% and thereby putting us well on our way to deliver a record year for the fund. So far Whitehall has returned 21.44% since inception in March 2017 and I look forward to continuing our stellar performance.”