Hampshire Trust Bank’s Property Finance team provided a £2.6m loan to Leeds-based Oakapple Group to fund the conversion of the former Balmoral Hotel in Harrogate into luxury residential apartments.
The project, which has a gross development value of over £4.5m, will comprise of 14 one- and two-bedroomed flats plus 11 car parking spaces.
Neil Leitch, Regional Director (North East) of Property Finance at Hampshire Trust Bank, said: “This is a landmark building, full of character and in a much sought after, centrally located area of Harrogate. Oakapple Group are well established with a proven track record and are exactly the type of experienced developer we are interested in working with. We look forward to working with them again in the future.”
Oakapple Group Chairman, Philp Taylor, commented:
We are nearing completion of the build and are delighted at the strength of sales which are coming through. Throughout the project we have enjoyed a first class relationship with Hampshire Trust and are grateful to Neil and his team for their support.
Hampshire Trust Bank has a dedicated Property Finance team based in the North of England, with a new office scheduled to open in Leeds in the first half of 2018. The Property Finance team offers creative and customised financing solutions to experienced property professionals across the UK, with facilities typically ranging from £1m to £15m.