{"componentChunkName":"component---template-cache-tmp-htb-completes-7-24-m-loan-for-development-of-23-new-central-london-apartments-js","path":"/case-study/htb-completes-7-24m-loan-for-development-of-23-new-central-london-apartments","result":{"pageContext":{"page":{"id":"Y2FzZS1zdHVkeToxMjA2MA==","title":"HTB completes £7.24m loan for development of 23 new Central London apartments","content":"<ul>\n<li>We provided a £7.24 million loan for a redevelopment project in Elephant and Castle, creating 23 new apartments.</li>\n<li>The loan covered 65% of the £11.15m Gross Development Value (GDV) for the site acquisition and redevelopment.</li>\n<li>The project involved several complexities, which we worked closely with the advisor and borrower to overcome.</li>\n</ul>\n<p>We’ve just wrapped up a £7.24 million development finance deal to help redevelop a key site in Elephant and Castle, Central London. This funding enabled the construction of a two-storey vertical extension, renovation of existing units, and enhancements to the building’s façade. Once completed, the project will offer 23 new apartments.</p>\n<p>We provided the £7.24m loan against an £11.15m Gross Development Value (GDV), representing 65% Loan-to-GDV (LtGDV). The borrower, an experienced developer, used the funding to acquire and redevelop the site.</p>\n<p>The transaction involved several complexities, including:</p>\n<ul>\n<li>Securing vacant possession: the borrower required vacant possession, which involved bailiff intervention, with a strict seven-day timeline for completing the acquisition once vacant possession was achieved.</li>\n<li>Vertical extension requirements: additional structural considerations were necessary, including managing over-sailing licences, party wall awards, and agreements for ‘Right of Light’ easements.</li>\n<li>Share purchase structure: the acquisition was structured as a share purchase of the existing corporate owner.</li>\n</ul>\n<p>We worked closely with both the advisor and borrower to navigate these challenges, ensuring the funding was delivered on time.</p>\n<p>&nbsp;</p>\n<p><strong>Neil Leitch, Managing Director of Development Finance at Hampshire Trust Bank, said:</strong></p>\n<blockquote><p>This deal brought together several challenging elements—vacant possession, structural hurdles with a vertical extension, and a share purchase. By working closely with the advisor and borrower, we tackled each issue head-on and ensured the funding was delivered on time. It’s a prime example of HTB’s commitment to finding practical solutions and making even the most complex projects happen.</p>\n<p>&nbsp;</p></blockquote>\n<p><strong>James Mole, Director at<a href=\"https://j3advisory.co.uk/\"> J3 Advisory</a>, added:</strong></p>\n<blockquote><p>This was a unique and complicated case, and it took terrific teamwork and coordination to get it over the line. Some lenders might have struggled with the complexities involved, but I was confident that HTB would tailor a solution for the client—and they more than delivered. I look forward to working with them again to support my developer clients in the future.</p>\n<p>&nbsp;</p></blockquote>\n<p>The project reflects our commitment to supporting brokers, advisors and developers in delivering complex redevelopment projects.</p>\n<p>Read the original story <a href=\"https://theintermediary.co.uk/2024/11/htb-completes-7-24m-development-loan-for-central-london-redevelopment/\">here</a>.</p>\n","uri":"htb-completes-7-24m-loan-for-development-of-23-new-central-london-apartments","slug":"htb-completes-7-24m-loan-for-development-of-23-new-central-london-apartments","seo":{"metaRobotsNofollow":"follow","metaRobotsNoindex":"noindex","opengraphAuthor":"","opengraphDescription":"We’ve just wrapped up a £7.24 million development finance deal to help redevelop a key site in Elephant and Castle, Central London. This funding enabled the construction of a two-storey vertical extension, renovation of existing units, and enhancements to the building’s façade. Once completed, the project will offer 23 new apartments.","opengraphImage":null,"metaDesc":"We’ve just wrapped up a £7.24 million development finance deal to help redevelop a key site in Elephant and Castle, Central London. This funding enabled the construction of a two-storey vertical extension, renovation of existing units, and enhancements to the building’s façade. Once completed, the project will offer 23 new apartments.","canonical":"","opengraphTitle":"HTB completes £7.24m loan for development of 23 new Central London apartments | Hampshire Trust Bank (HTB)","twitterDescription":"","twitterTitle":"","twitterImage":null,"title":"HTB completes £7.24m loan for development of 23 new Central London apartments | Hampshire Trust Bank (HTB)","opengraphUrl":"https://htb-stack-admin.dusted.digital/case-study/htb-completes-7-24m-loan-for-development-of-23-new-central-london-apartments/","opengraphSiteName":"HTB","opengraphModifiedTime":"2025-03-10T10:53:31+00:00"}},"breadcrumb":{"location":"/case-study/htb-completes-7-24m-loan-for-development-of-23-new-central-london-apartments","crumbs":[{"pathname":"/","crumbLabel":"HTB"},{"pathname":"/case-study/","crumbLabel":"case-study"},{"pathname":"/case-study/htb-completes-7-24m-loan-for-development-of-23-new-central-london-apartments/","crumbLabel":"htb-completes-7-24m-loan-for-development-of-23-new-central-london-apartments"}]}}},"staticQueryHashes":["1239430513","1586857859","1772891646","229476007","2634765651","3264027306","3649515864","493905975","63159454"]}