Hilltop Credit Partners completes GBP15m loan for high-end residential development in Taplow, Buckinghamshire
Funds advised by Hilltop Credit Partners, a specialist funding partner for SME residential developers, have completed a GBP15 million loan to Gage Properties for the acquisition and development of nine units within the reputable Taplow Riverside development by Berkeley Homes in South Bucks.
Of the nine units, two will be conversions of the Old Boat House, an existing office facility, into large semi-detached houses; six will be new-build terrace houses; and 1 will be a refurbishment of an existing on-site cottage. Each house will come with its own private boat mooring, appealing to the target audience of affluent Londoners looking to relocate as a consequence of the pandemic.
Rightmove has reported a surge in the sales of homes above GBP1 million since the end of the lockdown, with year-on-year sales up 105 per cent and outperforming the rest of the market. Over the same period Knight Frank report waterfront homes selling for up to 46 per cent more than landlocked comparables, with asking prices increasing faster.
Project sponsor and Managing Director of Gage Properties, Gavin Essex, says:
“Taplow is our largest site acquisition to date, and our second to be funded by Hilltop Credit Partners. The development is a particularly exciting opportunity to add an aspirational element to an already popular development. We have worked with Hilltop previously and their commitment to their clients made choosing them again an easy decision.”
In what can be described as a ‘renaissance’ for areas outside of London, people are increasingly willing to trade commuting for larger, better homes. The arrival of Crossrail in Taplow in 2022 would bring direct journey times to central London down to 40 minutes, further enhancing the area’s appeal among professionals who would historically purchase in affluent London boroughs.
Paul Oberschneider, Founder and CEO of Hilltop Credit Partners, says:
“Gage have proven to be a pleasure to work with, thoroughly innovative, professional and dedicated. This new development is truly gorgeous; whilst falling outside of the ‘affordable’ bracket, I have no doubt whatsoever about its success. With this announcement, Hilltop has facilitated construction of 176 residential units across England to date.”
Backed by global real estate investment firm Round Hill Capital, Hilltop aims to help developers who know their local markets but need access to tailored financing solutions in order to fund their projects.