Shojin has returned £2m to investors from a bridge loan provided to acquire a 7-acre site in Greater London.
The 12-month junior bridge loan helped the borrower with the purchase of a Lakeside Business Park site in Staines-Upon-Thames, which comprises 74,021 sq ft of existing office accommodation, decked car park for approximately 150 cars and a man-made lake. They have obtained planning permission under permitted development rights to convert the existing office space into residential and applied for full comprehensive planning permission for the remainder of the large site.
Due to the strong collateral and low loan-to-value, this project presented attractive returns relative to the level of risk, with investors receiving 15% per annum, increasing to 17% per annum for investments above £100,000. Investors’ capital and interest has now been paid.
“This is yet another example of a successful exit and strong returns we are offering to our investors and how we work closely with reputable middle-market developers to help them achieve their desired plans,” said Jatin Ondhia, CEO of Shojin.
“As a leading real estate investment platform we are at an important inflection point. Demand from developers and investors is growing exponentially. Shojin is helping middle-market developers scale and deliver essential UK housing while also providing a rapidly growing global investor base with a choice of excellent opportunities, delivering outsized returns, from relatively low minimum investment amounts.”
The borrower, which has an extensive track record in acquiring sites and securing planning approval for large scale redevelopment, refinanced the site to continue with the comprehensive planning permission application.
Staines-upon-Thames is a leafy Surrey town located within the London Commuter Belt and near Heathrow Airport, Virginia Waters and surrounding areas of outstanding natural beauty. The area is bordered by Windsor, an internationally recognised historic market town, home to Windsor Castle and Eton College. The town provides affordable homes surrounded by country parks with strong transport links. Central London can be accessed within 35 minutes with regular services from Staines railway station to London Waterloo.