Glenhawk complete £5.3m HMO portfolio refinance
The 12-month, serviced loan, at 75% loan-to-value (LTV) against the investment value of the properties, was priced at a rate of 0.88% per month.
Glenhawk, the specialist bridging lender, has completed a £5.3m bridging loan secured against 66 house in multiple occupation (HMO) rooms across four freehold titles in Coventry City Centre.
The 12-month, serviced loan, at 75% loan-to-value (LTV) against the investment value of the properties, was priced at a rate of 0.88% per month.
The loan allows Glenhawk’s borrower to transfer the properties into a new special purpose vehicle (SPV), which will help facilitate their exit plans and longer-term investment strategy.
The deal was underwritten by Harry Dick-Cleland and introduced by Jo McCarthy of B2B Finance.
Annaliese Ellis, BDM at Glenhawk, said: “A transaction of this size and complexity requires a huge amount of effort from all parties. Hats off to everyone involved for delivering a great outcome for our client.”
Jo McCarthy, the introducing broker, added: “Glenhawk kept the transaction on track and managed all parties effectively.
“When an amendment to the facility was required Glenhawk were flexible in the approach for additional security and structuring the facility to maximise day one drawdown.”
Related
Glenhawk completes £1.12m hotel refurbishment loan
Aspen completes £1.9m Cheshire bridge-to-let refinance in 14 days
Brickflow and LandTech support £2.39m Isle of Wight bridging refinance
UTB completes £356,400 auction bridge through new broker portal
Hilco Real Estate Finance completes £7.6m brdiging loan
Precise launches guide to bridging finance for intermediaries
Pallas Capital secures £200m funding line to accelerate growth
Redwood Bank launches residential BTL bridging range
Longer bridging terms offer flexibility but add £14,000 in interest costs – Octane Capital
SDKA appoints Laura Perry as underwriter
Allica raises AVM limit to £2m for residential bridging
