Titlestone expands into commercial development funding

Titlestone Property Finance, the residential development funder, is to expand into speculative commercial development funding.

The company, which is one of the leading providers of stretched senior debt in the UK, continues to fund residential schemes under permitted development rights and is expanding into office development within certain areas of London and the South East it believes is undersupplied.

Backed by Oaktree Capital as part of a $3bn European fund, Titlestone has funded over 190 developer clients to date, making up facilities in excess of £1.2bn.

It is now actively looking to fund experienced commercial developers on projects with a maximum loan size of £7.5m, within broadly a 10-mile radius of the M25.

Robert Orr, chief executive of Titlestone, said: “We are looking to fund projects up to a maximum of 55-60% of completed investment value and around 70-75% total costs. With many mainstream lenders unwilling to become involved in speculative commercial projects, developers have found access to funding difficult. We are hoping this new product, backed by our experienced relationship team, will help developers take advantage of the growing demand for new office space.”

Schemes will be mainly offices, but could also include industrial or warehousing. They will typically be new build or refurbishment projects up to 25,000 sq ft.

Residential funder Titlestone continues to expand team

Titlestone Property Finance, the residential development funder, has appointed Eamonn O’Rourke as a portfolio manager.

Eamonn is joining from Coutts, where he was a Real Estate Analyst and brings with him several years experience in banking, having previously worked for RBS and NatWest.

Earlier this year, Titlestone appointed Grenville Turner as Chairman and announced plans to further expand the business, explore new areas of the market and new products.

Robert Orr, Chief Executive commented: “This is a really exciting time for us. We’re now in our 4th year of business and have become one of the leading sources of residential funding in the UK. It is important that we expand by recruiting outstanding individuals, capable of making swift decisions and building excellent relationships with our developer clients and we very much look forward to welcoming Eamonn to the team.”

Established in 2012, Titlestone, which is backed by Oaktree Capital, is now one of the country’s leading providers of stretched senior debt, with over 190 developer clients making up facilities in excess of £1.2 billion. Backed by Oaktree Capital the company is targeting strong locations across the whole of the south of England. Typical loan sizes are £1.5 - £25 million with an average term of around 20 months.

Titlestone provides funding for Galliard's Capital Towers, Stratford development

Titlestone Property Finance, the UK’s leading residential development lender, has completed a £39 million ‘stretched senior’ loan facility to assist with the development of Galliard Homes’ Capital Towers scheme in Stratford, east London.

Capital Towers will provide 191 one, two and three bedroom apartments in two tower buildings, the 14-storey City West Tower and the 34-storey Sky View Tower, overlooking the Queen Elizabeth Olympic Park.

The £72 million development will be completed by Q4 2016 and all the apartments have been pre-sold to a combination of UK and international buyers. Purchasers have been attracted by the premium quality of the accommodation, the excellent shopping and dining amenities found in Westfield Stratford and other nearby locations, and easy access to the City and Canary Wharf.

Jonathan Morgan, Galliard’s Director of Investment and Development said; “We have been extremely impressed by Titlestone's pragmatic approach throughout this transaction and the ease in which they delivered a facility of this size on competitive terms.”

Nigel Jackson, Relationship Director of Titlestone, added; “We are delighted to be supporting such an experienced client as Galliard Homes in delivering this project.”

Titlestone was launched in 2012 and has since committed over £1bn across 175 development projects in London and southern England. It is led by chief executive Robert Orr and an experienced lending team and is backed by the significant resources of Oaktree Capital.

Titlestone reaches £1billion landmark

Titlestone Property Finance, the stretched debt provider, has reached £1billion of facilities drawn down since launch in 2012.

Robert Orr, Chief Executive commented: “We are delighted to have reached this significant milestone and that so many of our clients keep choosing to work with us. We are remain fully committed to supporting residential development including projects under permitted development rights.”

Titlestone provides stretched senior debt to established developers of residential schemes across

Southern England with loan sizes of £1.5m to £25m normally at 65% to 70% of the gross development value.

The Titlestone Team has recently been enhanced with Grenville Turner, the former Chief Executive of Countrywide Plc, joining as Chairman and Mark Quigley, previously with Barclays, being appointed as a Relationship Director.

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Nearest tube: Monument or Bank
Nearest main line: London Bridge or
London Cannon Street

Location

40 Gracechurch Street
London, EC3V 0BT

Contact

Email enquiries@titlestone.com
Phone 0203 440 3675