Specialist bridging lender Hilco Real Estate Finance (HREF) has completed a £24m loan facility to a residential private rented sector (PRS) investor to fund the acquisition of two new-build residential blocks in Worcester.
The properties are currently vacant, with one marketed for lettings while the other is marketed for sale by an unnamed real estate investment group.
Charlie Job, vice president at HREF, said: “The acquisition of the two blocks out of receivership was an excellent opportunity for the borrower.
“We were able to provide fast acquisition funding, enabling the borrower to take advantage of the opportunity with certainty of funding and execution.
“Since completing on the acquisition, the scheme is already over 15% let in a matter of days, evidencing the strong underlying residential demand in the area.”
Brad Altberger (pictured), CEO at HREF, said: “This deal showcases HREF’s unique ability to support our clients by moving quickly in complex situations.
“Managing a heavy workload to both resolve matters arising from the distressed purchase of the asset and complete our usual due diligence, under immense time pressure, was a challenge that we rose to with great effect.”
Valuations for the transaction were undertaken by Newmark, formerly known as Gerald Eve, and legal due diligence was provided by Clarion Solicitors.
Altberger added: “We are seeing increasing demand for lending above £20m in 2025 as our reputation in the UK market grows, and with fewer active property lenders able to make loans up to £100m.
“This deal is a great way to start Q2, after a really active first three months of the year, and we expect to ramp up the levels of lending significantly in 2025.”
