Omni Capital, the lender backed by Christian Candy’s CPC Group, has provided an £8.9m loan for the development of a luxury residential scheme in Chiswick, West London.
The 15-month loan will be used to convert an office building into 19 flats with an estimated end value of £13.5m. A day-one draw down of £5.6m is available under the terms of the facility.
Omni is one of a growing number of specialist short-term and development finance specialists in the market as traditional lending banks continue to be relatively wary of lending on development projects.
The scheme is being developed by Prime City Developments and will be called Hogarth Views on Hogarth Lane. Completion is expected over the next 10 to 12 months and units will be put up for sale in the next few months.
Colin Sanders, chief executive of Omni, said: “We have a sharp appetite for development funding of this type. Whilst over-valued parts of prime central London have become less appealing from a lending perspective, attractive opportunities continue to present themselves elsewhere in the capital.”
Michael Magee, director of Prime City added: “Omni were quick to respond to our needs and have supported us on previous schemes. We believe this will be another successful development that will underpin our partnership with them.”