Redwood Bank has completed a £798,000 refinance deal on a Grade II-listed property in Hereford.
The transaction, arranged with Merryoaks Property Finance, refinanced a high street building converted into 10 flats with a commercial unit.
The deal involved an intercompany finance structure, listed status and needed to be finished quickly.
Mark Dobson (pictured), head of business development (South and London) at Redwood Bank, said: “This was a complex case involving multiple layers – intercompany lending, a listed building and the need for a fast turnaround.
“Not every bank would take on a structure like this – but Redwood Bank did, and we will continue to support brokers and clients with bespoke, flexible lending solutions.”
The facility was agreed with a 2% fee on a 10-year interest-only term and a 5-year fixed rate of 6.49%.
After this, the loan moves to a 20-year capital and interest repayment, totalling 30 years.
The client also received Redwood’s Green Cashback Reward because of the property’s strong environmental performance.
Dobson added: “We worked under tight timelines, but the collaboration between Redwood, Merryoaks, the client and the solicitors involved was seamless.
“This deal is a testament to the strong relationship now built between Redwood and Merryoaks. I’m incredibly proud of the team who ensured a smooth completion under significant pressure.”
The deal used an intercompany transaction, with the asset sold to the client’s investment entity.
Feldon Dunsmore Solicitors acted on a dual representation basis to help finish the deal.
George Melling, head of bridging & commercial at Merryoaks, said: “This deal was a fantastic example of what can be achieved when everyone pulls in the same direction.
“Redwood’s willingness to understand the client’s structure, their pragmatic approach, and their speed of execution made all the difference.
“It’s been a real pleasure working with a lender that genuinely values relationships and results.”
Melling added: “With their outstanding legal team also involved, this marks signs of a strong and lasting partnership.”
