Bank Conversion

Whitehall Capital provides £740,000 bridging loan for bank conversion

Whitehall Capital has granted a £740,000 bridging loan which will assist in the conversion of a former HSBC building into a boutique hotel.

The building in Chipping North, Oxfordshire, is valued at £1.2m.

The specialist commercial and residential property bridge financing fund has deemed the risk profile for the property to be moderate/low, with the loan having a target net return to investors of between 10–12% per annum.

The loan has a term of 12 months, while the LTV ratio must not exceed 61%.

Anthony Bodenstein, CEO at Whitehall Capital (pictured above), said: “We’re extremely pleased to assist in the development of this boutique hotel and thereby the support of the local economy.

“The former HSBC bank building, with more than 8,000 sq ft, will be converted into a 31-room hotel and a fine-dining restaurant.”

This news follows Whitehall’s recent completion of a £1.26m loan for a mixed-use residential and commercial development in Islington, north London, valued at £2.2m.

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