Hilco Real Estate Finance (HREF) has completed a £30m bridging loan against an 88-apartment build-to-rent (BTR) scheme in Acton, West London.
The 15-month facility will refinance an existing development loan, enabling the borrower to complete the development while simultaneously going through the building control sign-off process, before leasing up the units.
The development, which provides a mix of one-, two- and three-bedroom apartments, comprises two blocks of 13 and nine storeys.
Charlie Job, director at HREF, said: “A combination of its zone three location, strong rental demand and high level of specification make this a standout build-to-rent scheme with excellent investment prospects. With the majority of development work complete and a deliverable business plan in place, this represents a great opportunity for all parties and we are pleased to be providing the finance to support this next phase.”
