OakNorth completes £9m development loan for new Ruislip residential scheme

OakNorth has lent £9.2m to Snowden Developments Ltd, a new property development subsidiary from the family behind Jaysam Contractors Ltd.

The Snowden company has worked on numerous residential projects in North West London with a combined GDV of c. £100m.

The loan is to be used to develop Fanuc House, a two-storey office building located at 1 Station Approach in Ruislip, a town in the London Borough of Hillingdon, into a four-storey residential site with 40 apartments.

Samji Patel, director of Snowden Developments Ltd, commented: “With its easy access to the West End and oasis of greenery, Ruislip has become increasingly popular for first-time buyers and young families.

“We anticipate strong demand so were keen to get started as soon as we received planning permission. Having worked with OakNorth before, we knew they’d be able to deliver in the timeframe required and that the transaction process would be simple and seamless.”

The borrower obtained planning permission for the project in July 2017 to develop 12 studio flats, 19 one-bed flats and nine two-bed flats with car parking, amenity space and landscaping.

The interior design of this project will be managed by Jaysam Contractors, which has over 25 years of experience in designing, producing and installing luxury interiors for retail, commercial and residential properties with its 150-strong team.

In a joint statement, Deepesh Thakrar, debt finance director, and Ben Barbanel, head of debt finance at OakNorth, commented: “Since our launch in September 2015, we have worked with several developers on projects in London, but this is our first in Ruislip and one that will bring some much-needed new homes to the area.

“Patel and his family have decades of experience in developing in North London. We look forward to continuing to strengthen our relationship with them and look forward to seeing the development once completed.”

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