Hampshire Trust Bank (HTB) has completed a £3.6m finance package, comprising a £900,000 refurbishment bridging loan and a £2.7m BTL remortgage.
The deal was introduced to the lender by Callum Taylor, CEO at Portway Finance, on behalf of the client undertaking a refurbishment project, who was struggling with planning delays and inflexible requirements from their previous bridging lender.
The £900,000 residential refurbishment bridging loan was provided at 75% LTV over a nine-month term, while the £2.7m BTL remortgage of a seven-bed HMO was secured at a 50% LTV over a 12-month term.
The finance package allowed the client to release equity from their wider investment portfolio to repay the existing lender and continue with their refurbishment plans.
The borrower will exit the facilities by way of sale.
Lorenzo Satchell, sales director of bridging at HTB (pictured above), commented: “Callum’s experience of working with HTB meant that he presented these cases perfectly, which enabled us to make a quick decision on how we could support his client.
“Forming these types of close relationships has been vital in our growth within the specialist lending space and, once a broker has worked with us, our intermediary partners fully appreciate how accommodating we can be from a product, criteria, and service perspective.
“The complexity involved in this transaction highlights how our borrowers and introducers can benefit from the different specialist lending divisions we have across [HTB], and how these can provide the perfect platform to generate and deliver multi-faceted solutions in a responsible and appropriate manner.”
