Hampshire Trust Bank (HTB) has completed three deals with The Property Finance Collective (TPFC), totalling nearly £20m, in just three days.
The deals include a £6.075m refinance on a new development with 40 residential units and one retail unit, an £11.9m development loan for the first phase of a project with 49 units, and a £1.75m development exit bridging loan for converting upper floors of a property into seven apartments.
Michael Primrose and Adam Powell from TPFC arranged the deals, which involved various challenges such as title and lease issues and legal delays.
Mark Witherington (pictured, left), lending director, development finance at HTB, said: “It’s always a pleasure working with Michael and his team at TPFC, and completing three deals in three days is a remarkable achievement.
“Each transaction had its complexities, but by working closely with TPFC, we tailored solutions to meet each borrower’s specific needs.
“For instance, we initially funded the conversion of a retail property’s upper floors into apartments.
Witherington added: “When the client secured new planning permission midway through, we adapted our financing – transitioning from development lending to an exit loan – to support further development and provide time for sales completion.
“Another project required phased financing, allowing the client the flexibility to proceed with the build-out as plans evolved.
“This achievement highlights the strength of our partnership and HTB’s adaptable approach to specialist finance.”
Mark Newman (pictured, right), BDM specialist mortgages at HTB, said: “The refinance case highlighted the strength of collaboration between HTB and TPFC.
“Working together, we submitted the deal and issued an offer within eight working days, demonstrating our commitment to speed and deliverability.
“Facing a tight deadline to redeem an existing loan, we moved quickly, even accepting an existing valuation to expedite the offer.
“TPFC’s in-depth understanding of the case and proactive support made the process smoother for the client.
“Despite some final complexities, we successfully completed on time, reflecting HTB’s drive to deliver for our clients.”
Michael Primrose of TPFC said: “I’m incredibly proud that we were able to close these three significant deals with HTB.
“Completing nearly £20m in such a short timeframe is a major achievement for us and marks an important milestone as TPFC establishes itself as a broker to watch.
“Working with HTB on deals of this complexity requires a team that’s both knowledgeable and creative, and we’re fortunate to have that in spades.
“HTB’s adaptable approach and proactive support at every stage made all the difference, and the commitment from Mark, Kris, and the entire HTB team was instrumental in getting these over the line.”
