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Contemporary Harlow apartments refinanced following £6m residential property investment loan

Business / Fri 15th Mar 2024 at 08:57am

TWO contemporary apartment blocks in Harlow have been refinanced using a £6.645m residential property investment loan from Secure Trust Bank (STB) Real Estate Finance.

Developed by Prisma Property Developments, 47 units in the Mayflower and Bluebell House blocks of Harlow flats will now open their doors to residents.

Formerly a two-storey building comprising a Halfords Autocentre, a pharmacy and the Wych Elm House NHS clinic, the collection of one and two-bedroom apartments features fully fitted kitchens with integrated appliances and composite worktops, spacious bathrooms and en-suites with the added bonus of a private terrace or balcony.

With Harlow ranking among the top five commuter towns for connections to London, the flats are located under one mile away from Harlow Town train station, allowing residents to reach the capital in half an hour. The development sits within walking distance of the Princess Alexandra hospital and is close to The Harvey Centre and Water Gardens shopping centres in addition to other local amenities.

The deal for the five-year residential property investment loan was led by David Burke, Relationship Director at STB REF, and the bank’s existing working relationship with both the borrower and broker was key to sealing the deal within a space of three months.

Raj Shah of Prisma Property Developments added: “Harlow Flats is the latest addition to a thriving area, and we are proud to provide stunning accommodation to its newest residents. Harlow is one of the most accessible commuter towns for reaching London, all while playing host to several excellent leisure, entertainment, education and shopping facilities. Having previously worked with STB we were confident that, even with its complex nature, the deal was in the right hands.”

David Burke, Relationship Director at STB REF, commented: “When we were first approached by the broker, we immediately knew the role we could play in helping to refinance a portion of the development’s contemporary apartments.

“With years of experience in property finance, our team’s expertise allowed us to successfully complete a complex deal. One challenge we needed to overcome was that at the time of drawing up the deal, there was an industry-wide issue with a backlog on applications at the Land Registry. Consequently, the properties couldn’t be registered by the time drawdown occurred. This meant we had to find a solution to mitigate the risk and, as a result, we employed specialist insurance policies to provide additional securities. Our tailored approach was essential to getting the deal done, and we are over the moon to see the apartment blocks open their doors to residents.”

The deal was brokered by Dan O’Neill from SPF Private Clients (SPF)

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11 Comments for Contemporary Harlow apartments refinanced following £6m residential property investment loan:

Nostradamus
2024-03-15 10:00:12

Now we wonder if the Newham effect might kick in? What with the town centre resembling a collection of ww2 London bomb sites and Harlow losing PAH might the upmarket private buyers prefer Hertford or Stortford?

David Forman
2024-03-15 10:11:47

It took long enough to build them during Covid. The last time I looked the grounds were full of weeds and grass not yet sown. The reality is a long way off what the artist's impression displays in this article.

Peter Henegan
2024-03-15 10:15:30

So,why did Harlow Council not buy these? Surely the need is there

Kim Oconnor
2024-03-15 10:40:36

Agree Peter. There's no privacy is there, like living in a fish bowl.. And look at man made grass.

Peter Henegan
2024-03-15 11:33:38

Kim, sorry but I don't get your comment, you start by agreeing with me then criticise the location. Are you actually saying Harlow was right not to acquire them?

Crazyhorse 74
2024-03-15 12:06:40

Moaners.com

Friedrich
2024-03-15 15:14:27

Peter, there is absolutely no point in building or acquiring new council houses when the right to buy still exists. They will only be council houses for 5 years.

Kim Oconnor
2024-03-15 18:44:43

Peter Henegan. I agreed with what your first comment said. I said nothing about location. Just looking at how close they are, each balcony and window looking straight through to other flats opposite. It's a bit like living in a gold fish bowl.

Eddie
2024-03-15 19:08:16

Kim . I don't see what you are complaining about . It's no different from houses facing each other . I think Peter has a good point . Perhaps they did who knows.

Eddie
2024-03-15 19:14:12

Sorry my last post did not read correctly . I should have said . Perhaps the council did try to buy them , who knows

Resident
2024-03-15 20:36:12

You only need to read the article to see these are targeted at commuters and not local people. 1 and 2 bedroom apartments aren't going to help local families or local people on low income. Horrible location as well, doubt the balconies facing the main road will get much use. Sad. Overpopulation

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