A partnership backed by property tycoon Christian Candy has secured new funding from challenger bank OakNorth to start building homes in Hackney.
The bank has lent £19 million to a joint venture between Orlandis Capital, which is backed by Candy’s CPC Group, and real estate developers Chris Mason and Raj Sond.
Funding will be used to create 44 homes in Hackney Wick, of which 35 will qualify for Help to Buy. That marks a drastically lower selling price than the ones at One Hyde Park, where Candy and his brother Nick once famously created some flats that were sold for over £100 million each.
The latest partnership will also create 24,000 square feet of office space.
Damien Hughes, senior debt finance director at OakNorth, said: “Despite ongoing political and economic uncertainty as a result of the Brexit negotiations, we’ve not seen any slowdown in demand for borrowing from businesses or property developers.”
Small business lender OakNorth has grown its loan book to £2 billion since being launched in 2015.
