Hampshire Trust Bank (HTB) has provided one of the North West’s largest property developers and private rental companies with a £7.5m development exit facility. The deal, which completed in February, took just eight weeks from offer through to completion, providing an overall facility for 70% LTV.
The loan will allow the borrower to refinance their existing development loan and provides a 12-month period to sell the property at Open Market Value (OMV).
The £7.5m first charge facility was provided on a 34-unit apartment block in Manchester valued at £11m.
Recognising that his borrower required a sizeable loan, broker Gareth Butler of Watts Commercial Finance, contacted HTB. With a strong understanding of the market in Manchester, and the ability to offer loans of up to £25m, Gareth knew that the HTB Bridging Finance team would be able to provide him with the service, and certainty, required.
Gareth Butler, Senior Commercial Manager at Watts Commercial Finance, commented:
“It was seamless and proved that there is real value in having a strong relationship with the Senior Underwriter [James Hine] who was excellent throughout.”
Jamie Jolly, director of bridging, Hampshire Trust Bank, added:
“This completion clearly demonstrates that our approach to bridging finance works. We look to provide a personal touch to all cases and positively promote access to the key people within our team.
“Gareth had direct contact to James Hine, our experienced underwriter, which allowed us to work quickly, and efficiently, to complete the transaction within eight weeks.
“It was an absolute pleasure to work with Gareth and the team at Watts Commercial Finance. This record deal represents another step forward for the bridging team at HTB since its early formation.”