OakNorth Bank has completed a £4.4m loan to Kolte-Patil Limited, to fund the developer’s first projects in the UK.
Kolte-Patil Group, which boasts over 25 years’ experience in the real estate and property development market, will use the bespoke facility from OakNorth Bank to develop a three-storey residential building in Kenley, Surrey and a seven-storey mixed-use scheme in Greenwich.
Situated in an affluent area in South Croydon, the Kenley development will offer nine apartments, including seven two-bedroom and two three-bedroom units, as well as several parking spaces. The site is within walking distance of various bars and restaurants and only 19 miles away from Gatwick Airport. Positioned along the River Thames, the Greenwich development will consist of six two-bedroom luxury apartments across the upper floors and a commercial space on the ground floor. The site is only a five minute walk from Greenwich station, which provides trains into Canary Wharf in less than 10 minutes and central London stations in less than 20 minutes.
Darshan Thakkar, Head of UK Operations at Kolte-Patil, said: “The team from OakNorth Bank were incredibly efficient, knowledgeable and hands on throughout the entire loan process. We really enjoyed having a face-to-face meeting with Credit Committee, getting the opportunity to sit down with the decision makers to discuss our borrowing needs. As we look to the year ahead, we hope to once again partner with the OakNorth Bank team to help us with our ambitious expansion plans in the UK.”
Steve Thompson, Debt Finance Director at OakNorth Bank, said: “As a well-respected and long-established developer in India, we were delighted to assist Darshan and the Kolte-Patil team with a loan for their first development projects in the UK. With a successful 25+ year track record in India, we have no doubt the team will make major headway in the UK property development market and look forward to assisting them with future projects.”