A mixed-use development in Molesey, Surrey, has been rejuvenated by Odyssey Developments thanks to a seven-figure property development loan from Secure Trust Bank (STB) Real Estate Finance.
The property, located within Greater London, is a commercial-residential hybrid with a florist on the ground floor and two, two-bedroom flats above. Molesey, situated on the south bank of the River Thames, is just minutes from Hampton Court Palace, and takes 35 minutes to reach central London via train. The second floor of the building was recently added using STB’s loan, alongside a further two detached houses built on the remainder of property’s land.
The deal was agreed thanks to STB’s approachability and thorough understanding of the real estate market. Signed under an 18-month term, the loan itself is structured as one of STB’s popular residential property development loans, used to support with the heavy refurbishment of residential development sites. STB Relationship Director, Paul Scagliosi, orchestrated the deal with Odyssey Developments, with a LTGDV of 59% and a 74% LTC, taking just six weeks to complete.
John O’Neil, Director at Odyssey Developments, said: “It’s important for us at Odyssey Developments to have a trusted financial institution that understands our needs and is able to turn around the necessary requirements and funding for a project in a speedy manner. Secure Trust Bank executed this superbly.
“Our new build houses which were constructed through the less desirable autumn and winter months were fully completed and sold in 26 weeks with no delay or overrun. Much of this was only achievable due to our close working relationship with STB.
“Our appreciation and gratitude go out to those personnel at STB who worked so closely with us on this very successful project. We look forward to working with STB again soon, on our next housing proposal.”
Paul Scagliosi, Relationship Director at STB Real Estate Finance, said: “This development has been rewarding and very fun to work on. We have come away with a great working relationship, and four high-quality homes within touching distance of London. John and the team at Odyssey are brilliant to work with, exceptionally skilled at what they do and are all-round nice people. The tailored approach and process was smooth given its complexity, and I’m glad we were able to contribute to a great, practical development.” For more information about Secure Trust Bank Real Estate Finance, please visit https://www.securetrustbank.com/business-finance/real-estate-finance
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