FRP Real Estate secures £2.98m BTL refinance

FRP Real Estate Advisory has arranged the £2.98m refinance for BTL portfolio, with a five-year fixed loan from lender Rely.

This loan is secured against a 12-flat freehold block in Horsham, Sussex, and will enable the client to repay a pre-existing bridge.

The transaction marks FRP’s sixth with the borrower, including a bridging loan and a development finance facility — reflecting an advisory relationship that spans the full property life cycle.

To structure the refinance, FRP transferred the block’s 12 flats into a new SPV and created individual leaseholds for each unit.

This allowed Rely to lend against the aggregate value of the flats rather than applying the block discount typically used for freehold purchases, maximising leverage for the client.

The facility was completed at 75% net LTV.

The transaction was led by Corey Dennis, associate director at FRP Real Estate Advisory (pictured above), who also worked to shield the client from a short delay on the outgoing solicitors' side. 

Rather than let the client absorb any extra cost from a process outside their control, Corey negotiated for those costs to be waived.

“Given we needed to maximise leverage to exit the outgoing lender’s position, we had to get creative with the structure to ensure no block discount on the freehold MV would be applied,” said Corey. 

“Alongside this, when something outside the client’s control threatened to cost them money, protecting them from that was simply the right thing to do. 

“Seeing them come out the other side with a facility that finally reflects the true strength of their portfolio is a great result for everyone involved.”

Amanda Lammers, BDM at Rely, added: “Working with Corey and the team on this case was a great experience from start to finish.

“It’s exactly the kind of relationship we want to build with brokers, one built on trust and a shared understanding of what the client actually needs.

“We’re still a new lender to the market, so to have a completion over the line with an experienced team who know how to put a strong case together is a great win for us.”