New Scheme Launched in Shoreditch
The Izaki Group are pleased to announce the launch of a new property scheme in Shoreditch, East London. The scheme consisting of 119 luxury loft-style apartments will be opening in Spring 2018 and has been developed by Long and Waterson, a company that has taken its name from the site’s location as it is positioned on the intersection of Long Street and Waterson Street in the E2 area.
For someone looking for flats in Shoreditch, the architecture of these apartments offers an eclectic New York penthouse vibe, fitting with the trendy Shoreditch area. The properties include large, steel-framed windows to create an artistic appearance that would be fitting with The Big Apple. The two buildings will be connected by a courtyard and raised podium inspired by NYC’s high line linear park. The cost of the luxury apartments ranges from £695,00 for 1 bedroom and up to £1.35 million for a 3 bedroom.
Amenities of the building include a 24-hour concierge service, cinema room, gym, sauna, spa and treatment therapy rooms. The property scheme is aimed at the affluent and professional workers in the East London area of the legal, tech and business district. This includes the new residents of Amazon’s new 15-storey office that opened in the summer of 2017, which will be home to 5,000 employees. (Source: The Telegraph)
Whilst this scheme has not been financed through Bridging Loan Hub, this is the type of project that very well could be. Bridging finance is commonly used by property developers involved in buy to let schemes. With the opportunity to borrow up to £25 million, the finance obtained can be used for refurbishments, architects, interiors and other costs such as building costs and stamp duty.
Once the project has been completely renovated, the developer has the option to pay off the bridging loan via the revenue generated through the sale, or through another investment. Commonly, because the property is rented out to tenants, the customer will refinance the loan under different terms, proving a gradual and successful way to pay off the debt.