Blackfinch Property has completed refinancing loans totalling £6m on behalf of Glencar, the institutional contracting firm.
The loans included a £4.6m refinancing loan for an apartment complex comprising 20 flats and a retail unit in North Finchley, London, and a £1.4m refinancing loan for three industrial units in Banbury, Oxfordshire.
The £4.6m refinancing loan enabled the borrower to hold onto an apartment block in London.
The £1.4m refinancing for the commercial units in Banbury, Oxfordshire was against a site recently developed by the borrower.
The units on both real estate developments were all tenanted, with the income being used to service the interest on the loans.
Both loans were written using the commercial term loan product launched earlier this year by Blackfinch Property.
Phil Downie (pictured), investment manager at Blackfinch Property, said: “We are delighted to close these two loans secured on high quality, modern and sustainable real estate owned by Glencar.
“These loans continue our growth in the commercial term loan market, with the transactions closing seamlessly, thanks to the professionalism of Glencar and our in-house legal team.
“Now that the deal terms are set-up and working well, we look forward to doing more business in the future together, as Glencar and Blackfinch Property respectively continue to grow.”
