The facility was agreed at 67% LTGDV over a two-year term. On the site currently is a warehouse which will be demolished.
The development, the OXLO project, which will be commercial and residential, is located in Dagenham. The five storey building will have commercial space making up the ground floor, whilst higher floors will consist of apartments for private rent.
In total, there will be 63 residential units to include studio flats, one and two bedroom flats and one bedroom maisonettes. Over 350 square metres of mixed commercial space will be developed, with associated car parking and communal areas.
Simon Whitfield, head of development finance at Castle Trust Bank, said: “We’re delighted to be providing funding for this exciting project in Dagenham. The development is ideally situated, and there will be high demand for the units once they become available to rent. We’ve provided finance for projects undertaken by Barking Dog Developments before, and continue to be impressed by their experience, professionalism and expertise.”
Kirk Pickering of Barking Dog Developments Ltd added: “We are delighted to have concluded development funding with Castle Trust Bank for the OXLO Project, an innovative 60+ unit PRS scheme in east London. They supported the delivery team and understood the product, which is a continuation from a previous project also funded by Castle Trust Bank.”
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