HTB supports £5.3m refinance of 45-flat Manchester portfolio
The transaction involved a number of legal and structural complexities, including trust structures affecting the borrowing and ownership arrangements.
Hampshire Trust Bank (HTB) has completed a £5.335m refinance of a 45-flat residential portfolio in South Manchester for an experienced professional property investor.
Working with Simon Das, director at specialist broker 978 Finance, HTB refinanced the leasehold portfolio, which comprises 45 flats across nine separate residential blocks, all let on individual Assured Shorthold Tenancies (ASTs).
The transaction involved a number of legal and structural complexities, including trust structures affecting the borrowing and ownership arrangements and an original acquisition completed without a deposit.
The refinance also involved the redemption of three first charges and 28 second charges across nine separate companies, as well as existing vendor finance. TitleSolve indemnity insurance formed part of the legal solution.
HTB and 978 Finance worked through the key legal and funding considerations before the application progressed to valuation and formal offer, with the transaction subsequently completing in approximately six weeks.
Wes Baker (pictured), regional account director, specialist mortgages at Hampshire Trust Bank, said: “From our early conversations with Simon, it was clear the opportunity wasn’t simply refinancing the portfolio; it was making sure the client achieved the strongest outcome.
“Before the application formally progressed, we spent time understanding the transaction, working through the legal considerations and making sure everyone understood what could realistically be achieved before the client committed significant time and cost.
“By doing that work upfront, Simon could go back to his client with confidence that we could deliver on what we’d discussed. Complex cases will always involve challenges, but early collaboration removes uncertainty.
“We’re seeing experienced landlords and brokers take an increasingly strategic approach to refinancing, considering their borrowing requirements and ownership structures much earlier in the process.
“Bringing your lender into those conversations early gives everyone the best opportunity to achieve the right outcome.”
Das added: “Given the complexity of the transaction, it was important to work with a lender that would look at the complete picture rather than focusing on individual issues in isolation.
“We knew HTB would take that approach, and that gave us confidence we could deliver the strongest outcome for the client.
“Before valuation and offer, we worked closely together to resolve potential legal issues and give the client confidence before significant costs were incurred.
“This was never going to be a straightforward refinance, with multiple charges, trust structures, vendor finance and several companies involved.
“Communication was excellent throughout and I always had direct access to the right people. That collaborative approach helped us complete through legals in around six weeks, which was quicker than some much more straightforward transactions we’ve worked on.”
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