Hampshire Trust Bank (HTB) has provided the funding for the refinancing of a semi-commercial retail asset in Central London in just 21 days.
The deal, which completed in April, was introduced by Sirius Property Finance. This was the Central London-based brokerage’s first bridging case with HTB, having previously worked with the bank on development finance and specialist buy-to-let mortgage cases.
A planning application had been submitted for top floor and rear garden extensions which, when combined with an internal refurbishment, was estimated to increase the value of the property from £1.25m to £2m.
The £749,700 loan from HTB, representing 70% loan to value (LTV), will be used to repay the existing bridging facility and provide additional time to receive a response on the planning application. The exit strategy is a term loan with another provider.
Luke Casey, associate at Sirius Property Finance, commented:
“This is an excellent example of what can be achieved when a debt advisor and lender work in partnership to deliver the best result for a client. We have previously worked with Hampshire Trust Bank on development finance and specialist buy-to-let mortgage cases, but this was the first bridging loan we have completed together, resulting in a happy client who was able to achieve their objectives in a very tight timeframe.”
Lorenzo Satchell, head of sales for bridging, Hampshire Trust Bank, added:
“This deal highlights our ability to get cases completed quickly because of the expertise within the HTB bridging team, combined with the personal approach we take to every application.
“We fully appreciate how delays in planning can put pressure on borrowers and we look to provide solutions to overcome such issues. In this case, the financing provided the client with the required breathing space to wait for planning and pay off the existing loan that was coming up to term.
“I’ve known the team at Sirius for a number of years and it was a very straightforward and professional experience to deal with Luke and his colleagues.”