Funds advised by Hilltop Credit Partners, a specialist funding partner for SME residential developers, has completed an £8.6 million loan to 196 Willesden Lane Limited, an SPV controlled by Gage Properties Limited.
The project is being led by Gavin Essex, a 20-year veteran of UK residential property development with an enviable track record of high-quality housing delivery across London.
Finance will be used for the site acquisition / demolition and ground-up development of 16 residential units, comprised of one, two, and three-bed flats spread across three low-rise blocks. There will be parking spaces for 14 cars and 24 bicycles. The site is located in a rapidly gentrifying area of North West London, with strong demand for high-quality newbuild stock.
The development will be a c. 20-minute commute to Central London, and a number of the planned units will qualify for the Help to Buy scheme. Sales are targeted for late 2021 / early 2022.
The loan announcement comes at a time when the property market is rife with uncertainty and fears around the pandemic, but Hilltop remains focused on funding high-quality assets and developers.
Commenting on the deal, Gavin Essex, Founder of Gage Properties, said:
“We are very pleased to have completed this funding with Hilltop Credit Partners, who helped us get this deal across the line in spite of the headwinds that intervened mid-way through the transaction. We look forward to developing this site, which we have been working on for the past several years, and delivering the sort of high-quality, design-led scheme that we have come to be known for.”
Paul Oberschneider, Founder of Hilltop Credit Partners, commented:
“We are delighted to be working with such an experienced and talented developer on this project, which we believe will be very well positioned in the local market. Despite the current uncertainties in the world, Hilltop continues to back projects and management teams that it believes in.”