Titlestone, the leading provider of stretched senior debt to residential developers, has recently provided a £28.5m development facility to a new client who has acquired an office building in Uxbridge for conversion into 123 apartments with car parking.
As we move into the New Year, CEO Robert Orr sets out how Titlestone sees the market and highlights some additions to its product range.
Titlestone Property Finance has concluded a deal with Hope House (Bath) Limited, a joint venture between Acorn Property Group and Galliard Homes, for £35.4million, marking its 30th loan in the South West in recent years.
Titlestone has become a leading provider of stretched senior debt in the region, drawing down on facilities of over £235 million which supported the delivery of over 1,000 residential units.
Titlestone offers funding to experienced property developers across a wide range of projects, including mixed used schemes and student development. With facilities of up to 70% GDV, it provides a higher level of project cost than the traditional senior debt providers, enabling developers to spread their equity across a number of projects. This combined with a best in class service and a highly experienced team, has seen Titlestone drawdown on over £2bn of facilities since 2012, with a lending range from £1.5m to £25m.
Recent projects include:
- Bath - Hope House - 58 apartments and houses in a prime location under construction:
- Bristol - A 60 apartment conversion in Brunel House, which is on site;
- Bristol - 40 converted flats in Portland Square - built and sold;
- Bath - Nine converted flats in Stall Street - built and sold.
Titlestone Relationship Director Nigel Jackson commented: “80% of our business comes from direct approaches and client repeat business. We have established a strong client base in areas such as Bath, Bristol & Exeter and we are keen to expand this presence further across the South West. I would encourage experienced developers to compare our terms against traditional senior debt lenders when considering new projects”.
Titlestone Property Finance’s £39 million stretched senior facility to Galliard Homes to assist with the development of the Capital Towers scheme in Stratford, east London, has been successfully repaid a year ahead of expiry.