Cynergy Bank provides £13.8m in refinance and development package
Cynergy Bank has provided Westcombe Homes, part of the Westcombe Group, loans totalling £13.834m to refinance existing debt and to assist with the development of 27 apartments at Kingswood Gate, Green Lane, Northwood, an affluent suburb in Northwest London.
Westcombe Group is a leading London property developer, creating contemporary, luxurious homes and commercial properties of exceptional design and specification.
Cynergy Bank are funding the development of 27 apartments, which is phase two of the development. It will consist of 12 apartments in Wetherby House and 15 apartments in Birchwood House. The three phases; Aldis, Wetherby and Birchwood House, will form part of the gated development known as Kingswood Gate. The build and main contractors for this project are group company Westcombe Construction Limited and they have been building homes and refurbishments for 50 years.
Kamal Pankhania, Westcombe Homes Ltd said: “The case was handled very quickly after placing the deal. Credit approval was obtained swiftly and more importantly I believe that the relationship with Cynergy is now in place to assist us in developing substantially and become the bank’s largest property development client in the UK.”
Carl Bowcher, relationship director, Cynergy Bank commented: “Kamal and his team are keen to strike a relationship with a pro-active bank and it has been a real pleasure in working with one of the best developers in London and the South East. Their finished product is second to none and I look forward to assisting the family in future projects.”