StreamBank has completed a £584,500 bridging loan to refinance a commercial warehouse in London and release funds for the refurbishment of four residential flats.
The clients, experienced London-based business owners with a mixed-use property portfolio, approached StreamBank via their broker to raise funds against a warehouse valued at £945,000.
The asset was owned by a PropCo, with rent paid by an associated OpCo. The funding enabled repayment of an existing £70,000 mortgage on the warehouse while unlocking capital for refurbishment works.
StreamBank provided funding at 65% LTV based on market value subject to tenancies, supported by strong management information from the OpCo.
The loan was agreed at a rate of 0.84% per month, with repayment to come via a commercial term refinance with a challenger bank.
Roz Cawood, managing director of lending at StreamBank, said: “The success of this case came down to a combination of underwriting expertise and deep business understanding.
“By taking the time to assess the OpCo’s strong trading position and cashflow, our team was able to leverage market value – subject to tenancies – to secure a higher loan amount.
“This allowed the client to meet both their refinancing and refurbishment goals. It’s a great example of how StreamBank applies commercial knowledge to deliver the right solution.”
