OakNorth Bank

OakNorth Bank provides £1.63m CBILS loan to Yellow Tree Capital for Tunbridge Wells residential scheme sale

OakNorth Bank has completed a £1.63m CBILS loan to Yellow Tree Capital to support the sale of a new residential scheme in Tunbridge Wells, Kent.

The facility will be used to refinance existing debt and allow time for the sale of the Nevill View housing development.

The scheme consists of three four-bedroom newly built houses and one four-bedroom refurbished home.

Commenting on the transaction, Jonathan Bateman, founder at Yellow Tree Capital, said: “It is difficult to find homes built with this level of quality, in this location, at this price point. 

“With the current stamp duty incentives, it makes these homes all the more attractive, so we’re grateful to the team at OakNorth Bank who moved quickly to ensure we could maximise on this opportunity.”

Damien Hughes, senior director of property finance at OakNorth Bank, added: “Covid-19 has changed the way people live and work, with many families now choosing to live further out where they can get more space, but still be able to easily commute into the capital when needed. 

“This makes the Nevill View scheme incredibly attractive, as demonstrated by the significant demand it’s seen since lockdown restrictions were eased. 

“The British Business Bank’s CBILS and CLBILS were launched to help strong businesses like Yellow Tree that have been adversely impacted by the pandemic, so we’re glad to be part of it and to be able to play our part in supporting them.”   

OakNorth Bank has approved £1.1bn in new loans since 23rd March, including over £400m through the CBILS and CLBILS.

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