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. It offers a variety of funding options and has a portfolio showcasing a wide range of project types. Its Nevill View scheme comprises of four four-bedroom detached houses in Tunbridge Wells, of which three are new build and one is a refurbishment. The scheme was scheduled to be marketed from March 2020 but due to the COVID-19 lockdown, no viewings were allowed so this was delayed. Since restrictions were eased earlier in the summer, the scheme has attracted a significant amount of interest, benefitting from being located in an affluent commuter town with direct rail services to London Bridge in 45 minutes.
OakNorth Bank has approved £1.1bn in new loans since 23 March, including over £400m through the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS). Following the extension of the schemes last month, OakNorth Bank has been granted further allocation, so will be able to support even more businesses in the weeks and months ahead.
Commenting on the transaction, Jonathan Bateman, Founder of Yellow Tree Capital, said: “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.”