A property development investor has successfully refinanced a block of 11 flats in Wrexham valued at £1.22m, with support from Redwood Bank and legal partner Knights. The case, introduced by brokers B2B Finance, involved refinancing a development loan originally used to upgrade 24 apartments, half of which had already been sold.
The refinance was complicated by legal challenges. The properties were split across two separate leasehold titles with defective leases, and the client also held the freehold. Redwood Bank collaborated closely with Knights, acting for both lender and borrower, to correct the leases and resolve title issues to allow the refinance to proceed.
Andre Parcian, head of business development (Midlands and Wales) at Redwood Bank, said: “B2B Finance knew this case would be complex, and they trusted us to get the job done. Our Credit Operations team’s tenacity and experience meant we could work through the legal challenges and ensure the refinance proceeded smoothly. We’re proud to have partnered with Knights to deliver this result and continue supporting experienced investors to grow their portfolios.”
Redwood approved a £934,065 loan on a 20-year interest-only basis at 76.5% loan-to-value. The deal qualified for the bank’s Green Cashback Reward, as most of the properties had EPC ratings of C.
Rebecca Jones, from B2B Finance, said: “Redwood Bank is one of our most trusted lending partners, with a clear understanding of the needs of experienced property investors. Their specialist approach and ability to handle complex cases really set them apart. In this deal, Carla Santos in their Credit Operations Team worked closely with all parties to resolve intricate title and lease issues, and we truly valued the proactive and collaborative support throughout the process.”
Chloe Arnold, of Knights, added: “We were pleased to help the client overcome the legal issues regarding the title and correct the defective leases relating to the properties. We provided a positive resolution for the client that enabled the deal to proceed. By working closely with Redwood, we offered the client a streamlined approach which made the whole process much more straightforward for them.”
