03/04/2022
Hypotek Capital – Monthly Deal Spotlight
We are excited to share that this month’s spotlight is on a £3.8m loan we provided to a developer called Klara Homes.
Klara Homes’s ethos has been to develop aspirational schemes in London and the Home Counties which blend functionality and style in order to create spaces for people to call home. This core principle is supported by significant experience, foresight and attention to detail - a lot of developers are good at defining the vision, others at construction level issues and others are good at the project management side - Klara Homes are excellent at all three.
Klara Homes exchanged contracts for the purchase of this property just before Christmas last year, and immediately submitted an application for revised planning. Fortunately, the revised planning was issued 2 days prior to completion but as Hypotek Capital had concurrently run our credit analysis, legal, valuation and MS processes for both the consented and proposed scheme, we were prepared for either outcome.
Hypotek Capital's loan will now assist in the conversion of the existing building in the heart of Billericay, Essex into 17 apartments. The development also includes what will become a landscaped shared use garden and parking for all the apartments, as well as 4 retail units in the middle of the prime pitch in central Billericay.
The scheme will bring much needed good quality new homes to Billericay which will be affordable for first time buyers and young professionals. Excellent transport links from Billericay train station, which is an 8 minute walk away, will mean that residents can easily commute to Liverpool Street Station, London in 37 minutes.
Congratulations to Craig Gray and the team at Klara Homes for another successful acquisition. We look forward to supporting them through the construction phase and also working with them again soon on their other upcoming developments.
Our thanks as always to our team of professional advisors for their assistance:
Solicitors: Howard Kennedy LLP (Laura Brown, Nick Barritt, Jon Janes, Feranmi Ibitoye, Aaliyah Freemantle)
Valuer: Lambert Smith Hampton (Jennifer Dunn, Simon Jones, Ellie Reynolds, William Knox, Matthew Wallis)
Monitoring Surveyor: Pride Consulting IMS (Richard Parry MRICS, Blane Perrotton FRICS MCInstCES)
To receive further updates from Hypotek Capital please follow us on LinkedIn by clicking here (Hypotek Capital) and pressing the Like button, and also visit our website at www.hypotek.co.uk
Hypotek Capital - understanding the needs of developers allows us to use joined up thinking to provide our clients with a supportive and insightful real estate finance journey.
Amit Majithia - Nikolay Petkov
@
