London bank supports residential unit sale with multi-million pound loan

A London bank has announced that it has completed a multi-million pound loan to support the sale of 21 new residential units.

OakNorth Bank has announced a £7m partial CBILS loan to Queensmead Weybridge to refinance existing debt and allow time for the sale of 21 residential units in Surrey.

The units comprise 46 flats and two retail spaces, and are located on the outskirts of Weybridge’s town centre.

Martin Williams, director of Debt Finance at OakNorth Bank, added: “Brian and Mark have many years’ experience of property development in Surrey, successfully completing and selling several mixed-use and resi-led schemes.

“With the current challenging market conditions due to Covid-19, they need more time to market and sell the properties, so we’ve been delighted to be able to support them. We look forward to working with both Brian and Mark on their future developments.”

Brian Norton, chairman of Queensmead Weybridge, commented: “Despite England now entering another lockdown until at least 2 December, Martin and the team at OakNorth Bank were willing to support us and ensure we have more time to sell these units.

“These are very spacious, high-quality homes in one of the most desirable parts of the UK, which appeal to a wide range of buyers.”