Hampshire Trust Bank (HTB) has provided one of the North West’s largest property developers and private rental companieswith a £7.5m development exit facility. The deal, which completed in February, took just a few weeks from offer through to completion, providing an overall facility for 70% LTV.
The loan, for a 34-unit apartment block in Manchester, will allow the borrower to refinance their existing development loan and provides a 12-month period to sell the property.
Recognising that his client required a lender with a strong understanding of the market in Manchester and a team that can deliver, broker Gareth Butler of Watts Commercial Finance, contacted HTB.
Gareth Butler, senior commercial manager at Watts Commercial Finance, commented: “It was seamless and proved that there is real value in having a strong relationship with the Senior Underwriter, James Hine, who was excellent throughout.”
Jamie Jolly, director of bridging, Hampshire Trust Bank,added: “This completion clearly demonstrates that our approach to bridging finance works. We look to provide a personal touch to all cases and positively promote access to the key people within our team.
“Gareth had direct contact with James which allowed us to work quickly, and efficiently, to complete the transaction within weeks.
“It was an absolute pleasure to work with Gareth and the team at Watts Commercial Finance.”
The deal was finalised in February, with an overall facility for 70% loan-to-value (LTV) and took only a few weeks from the offer to completion.
The loan is for a 34-unit apartment block located in Manchester and will enable the borrower to refinance their existing development loan while also providing a 12-month period to sell the property.
Gareth Butler, a broker at Watts Commercial Finance, recognised the need for a lender with a strong understanding of the market in Manchester and a team that could deliver and contacted HTB.
Jamie Jolly (pictured), director of bridging, Hampshire Trust Bank, added: “This completion clearly demonstrates that our approach to bridging finance works.
“We look to provide a personal touch to all cases and positively promote access to the key people within our team.
“Gareth had direct contact with James which allowed us to work quickly, and efficiently, to complete the transaction within weeks.
“It was an absolute pleasure to work with Gareth and the team at Watts Commercial Finance.”
