Hilco backs North West office development with £5.4m loan

Hilco Real Estate Finance (HREF) confirmed the completion of a £5.4m loan secured against an office building in the North West of England.

The borrower, an experienced developer, recently fully refurbished and tenanted the historic building, and had reached the end of an existing loan term.

As a potential sale had not materialised, a quick refinance was required, with the loan going from initial enquiry to completion in four weeks.

HREF was advised by Clarion Solicitors and Lambert Smith Hampton, while Trowers Hamlin represented the borrower.

Andrew Ward, managing director of HREF, said: “Given the nature of the office market, our expertise in understanding early on the quality of this asset helped to ensure success.

“As well as being able to act swiftly, we were also able to structure the loan so that interest is retained until the end of the tenants’ rent free period, and will thereafter be serviced.”

He added: “Our thanks go to all the advisers involved who helped to ensure a smooth transaction.”