A London-based property investment company has expanded its property portfolio, after securing a £3.4m funding deal to make a major acquisition of a large mixed-use commercial and residential development in Greenwich.
The firm, SDPI, leveraged the funding provided by Reward Funding to complete the purchase of the 8,486 sq. ft. property on Trafalgar Road, Greenwich, which comprises a number of ground floor retail units and maisonettes above.
The speed of lending was critical as the investment firm was able secure the development immediately after a previous lender could not meet its funding requirements.
SDPI is co-owned by brothers Rajinder and Avtar Singh, who set up the business in 2000.
Rajinder Singh, director and co-founder of SDPI, said: “Having enjoyed a long connection with the Greenwich area, it’s very satisfying to complete this latest acquisition and further expand our growing property portfolio across London.
“The development is situated in close proximity to the National Maritime Museum and Greenwich Park and provides the perfect location to both our business and residential tenants.
“Given the fast-paced nature of the property market and the opportunity to secure the development pre-auction, we had to move at speed, which is why we needed to turn to an agile lender like Reward.
“The team provided honest, straightforward advice and have simplified the borrowing process by helping us explore a range of available assets to help secure the funding.”
Scott Swinden, business development director for Reward Funding, said: “Enabling growth and helping property investors and developers seize business opportunities at pace is fundamental to our approach at Reward, especially as more banks and traditional funders are increasingly reluctant to lend.
“ As the original alternative finance provider, we’re finding this is really resonating with entrepreneurs and businesses and is ensuring funding is readily available to stimulate the wider economy.”
Tom Annetts, relationship manager for Reward Funding in the South East, added: “We’ve established a really collaborative and transparent relationship with Rajinder and Avtar and invested the time in understanding their business. This has made the process more fluid and proved critical in helping complete a funding deal of this size.
“We look forward to working with them again to unlock further market opportunities and support their long-term business growth aims.”
The deal between SDPI and Reward Funding was brokered by Jo McCarthy, commercial finance broker at B2Bfinance.com.
Pictured (L-R): Avtar Singh (SDPI), Scott Swinden (Reward), Tom Annetts (Reward) and Rajinder Singh (SDPI).
