Oblix Capital, the London based specialist short term lender has completed a substantial £13.5m development loan with experienced developers, UK Land Assets – benchmarking their largest ever completion to date.
Underwritten and completed in 6 weeks, this large development loan will fund the construction of 65 modern dwellings in Croydon. The project is expected to be completed by September 2019 with the developer securing the planning permission for the proposed work back in July 2017.
Croydon is currently undergoing a considerable redevelopment programme that aims to extensively improve the local economy and infrastructure, labelled “Croydon Vision 2020”. The Oblix funded residential development will be welcomed news – supporting Croydon council’s pledge to increase the quality of housing across the borough.
Mark Copson, Director of Lending at Oblix Capital said: “The potential for development in Croydon is enormous and this is a great example where developers can work in partnership with local government and housing authorities to continue to bring progressive regeneration to the local area. We take great pride in our abilities as a business to underwrite these large and more complex development transactions. It is imperative that our developers have absolute confidence that Oblix Capital have the development expertise to deliver not only on the completion of the facilities but in mitigating the risks when delivering the project as a whole.
Andrew Crainey, developer and director at UK Land Assets said “With projects of this nature, it is critical to work with a lender who has a developer perspective and often this is not the case with main stream lenders. The expertise, diligence and support demonstrated by Oblix Capital throughout every stage of this project has been second to none and has ensured the project received the financial and technical support required to progress. Having a lender on-side that completely understands what it takes to underwrite a development of this nature has filled the whole team with great confidence. It has been a truly collaborative process throughout and it’s why we chose to use Oblix Capital for this project.