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.

Former Countrywide chief joins Titlestone.

Titlestone has appointed the former chief executive of Countrywide, Grenville Turner, as its chairman and has grown its lending to housebuilders to just under £1bn. Having successfully steered Countrywide through the  nancial crisis, Turner stepped down as chief executive last year, but remained with the estate agency group as the non-executive chairman. After the change of role, Titlestone chief executive Robert Orr approached Turner asking him whether he would be willing to become more involved with the lender. The two men knew each other through Oaktree Capital, which is Titlestone’s backer and was a major shareholder in Countrywide after a debt restructuring in 2009. Orr said Turner’s mix of experience in  nancial services over a 30-year career in retail banking and property before he joined Countrywide made him the ideal candidate. “He is a fantastic sounding board for the management team and is a perfect choice because of his wealth of experience in both banking and the residential property sector,” said Orr. Turner’s industry contacts would be valuable in opening doors for the company, he added. The appointment comes at a time of expansion for Titlestone, which o ers stretched senior loans of between £1.5m and £25m to residential developers across the south of England. Launched in 2012, Titlestone committed more than £500m to projects during its  rst two years and has since expanded its lending to just shy of £1bn. It has been able to take advantage of the gap left by the high-street banks, whose lending to small and medium-sized housebuilders came to a virtual standstill during the  nancial crisis. Some competition has since returned, said Orr, but Titlestone has nevertheless been able to grow its loan book without taking on riskier projects. The group is looking to expand into new areas such as funding for student accommodation and  exible workspace developments. Turner said: “The next stage of development will involve widening the net and exploring new areas of the market and new products.”s

New funding opportunity for South-West house builders

A new funding opportunity for residential property developers in the south-west has been launched by Titlestone Property Finance.

Titlestone, which specialises in providing stretched senior debt to developers and house builders, is expanding its operation into the region, with a particular focus on Bath, Bristol and surrounding towns.

The company has kickstarted the drive by agreeing funding for eight houses in Nailsea, nine townhouses overlooking the Bristol Channel in Clevedon, a 24-house and apartment scheme in Portishead and eight flats in a listed building in Bath city centre.

Relationship Director for the South West region, Nigel Jackson comments: “We believe that there is significant pent up demand in the region from smaller house builders who can see opportunities for developments but sometimes find it difficult to get adequate finance to proceed. Our loans, which are secured by a first charge on the development site, provide a higher level of gearing than traditional lenders and allow developers to spread their equity across a greater number of projects.”

Over the past two years, Titlestone has committed more than £800 million in loans for new residential schemes across the south of England, ranging from executive family homes in Surrey to the development of 40 private and affordable apartments above office space in London.

The company is interested in supporting refurbishment and conversion projects, as well as new build apartments and housing schemes. It will also consider multi-unit schemes which include affordable units and a small commercial element.

Titlestone, which is backed by Oaktree Capital, typically provides loans of between £1.5 million and £25 million per project and focuses primarily on supporting residential developers with proven track records and identified sites in strong locations.

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