London based bank for entrepreneurs provides £1.4m loan for residential scheme

A London based bank for entrepreneurs has provided a housebuilder with a £1.4m loan to develop a residential scheme in Hillingdon.

OakNorth Bank is supporting housebuilder, SC Property, to develop the of six apartments and four private parking spaces in Eastcote, London Borough of Hillingdon

Silver Circle (SC) Property, specialises in delivering quality homes at an affordable price, having delivered 41 homes to date at various locations across the UK, with a further 19 due for completion in the next year.

Ajay Gudka, director of Silver Circle Property, said: “At Silver Circle Property, we firmly believe that the buyer comes first. We aim to develop homes that reflect the way we would want to live, meaning we deliver a finished product that considers those little touches that make life at home more comfortable, functional, and enjoyable to live in.

“The result is a premium product, which we know buyers will be happy and proud to call home. This is exactly what we’re aiming to deliver with our Eastcote project, which given its proximity to central London, will likely be very popular for first time buyers and growing families.

“Having worked closely with Priya and the wider team at OakNorth Bank, we were impressed by the speed and pragmatism they demonstrated throughout the entire process, allowing us to get the transaction over the line in just three weeks.”

Priya Chauhan, director of debt finance at OakNorth Bank, commented: “Following nearly two decades working in the financial services industry, spanning the investment, retail and commercial banking sectors, Ajay has extensive experience leading change management projects at small, medium and large firms – a skill he’s now brought to the residential development market.

“His leadership of SC Property has been highly impressive to date, and we’re thrilled to be supporting such a well-renowned SME housebuilder.

“With recent figures showing the supply of new housing is currently lower than the Government’s ambition of 300,000 new homes per year, we’re doing everything we can to support SME housebuilders to ensure they get access to the debt finance they need to continue bringing new homes to market.”

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