London bank completes £1.63m loan to support residential scheme sale

A London bank has announced that it has completed a multi-million pound loan to help support the sale of a new residential scheme.

OakNorth Bank has completed a £1.63m CBILS loan to Yellow Tree Capital to refinance existing debt and support the sale of a new residential scheme in Tunbridge Wells.

Yellow Tree Capital is a bespoke property finance firm specialising in investment and lending throughout London and the South East.

Its Nevill View scheme comprises of four detached houses in Tunbridge Wells, of which three are newly built and one is a refurbishment.

Jonathan Bateman, founder of Yellow Tree Capital, commented: “It is difficult to find homes built with this level of quality, in this location, at this price point.

“With the current stamp duty incentives, it makes these homes all the more attractive, so we’re grateful to the team at OakNorth Bank who moved quickly to ensure we could maximise on this opportunity.”

Damien Hughes, senior director of property finance at OakNorth Bank, added: “COVID-19 has changed the way people live and work with many families now choosing to live further out where they can get more space, but still be able to easily commute into the capital when needed.

“This makes the Nevill View scheme incredibly attractive as demonstrated by the significant demand it’s seen since lockdown restrictions were eased. The British Business Bank’s CBILS and CLBILS were launched to help strong businesses like Yellow Tree that have been adversely impacted by the pandemic, so we’re glad to be part of it and to be able to play our part in supporting them.”

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