News from Hodge Bank
Hodge Bank secures first deal in Birmingham
Hodge Bank is lending £10.5m to Ripon Investments Three Ltd, the owners and developers of Canterbury House, to fund its conversion from empty Birmingham city centre office block into 160 apartments.
It is the Cardiff bank's first major venture in Britain's second city and its first recent deal with London developer Ripon Investments.
Work is now underway on the conversion of the 11-storey 1960s building in Newhall Street in the heart of Birmingham's jewellery quarter and is expected to be completed by next June.
Gareth Davies (pictured), who negotiated the deal on behalf of Hodge Bank, is predicting that the development will give the bank a stronger profile in the West Midlands.
“Confidence in the commercial property market is reviving throughout the UK and the appetite for borrowing is growing stronger as a result.
“We have maintained an on-going relationship with commercial property brokers Seaford Finance, who are active in development finance across the UK, and this has produced dividends for us by creating a significant footprint in Birmingham.
“Agreeing to fund projects in South Wales, the south of England, London and now Birmingham has given our commercial lending operation a sizeable boost this year and, in partnership with Seaford, we are now looking to finance a £17m scheme in the London area,” added Mr Davies.