Arbuthnot Specialist Finance completes £1.25m refinance facility
Arbuthnot Specialist Finance Limited (“ASFL”), the short-term property finance arm of Arbuthnot Latham, has completed a £1.25m refinancing facility for a property development and investment firm.
Specialist commercial finance brokerage, 2XL Commercial Finance, approached ASFL on behalf of their existing client who needed refinancing for 16 flats.
The client purchased the property when it was a derelict youth centre before converting it for residential use.
The client had some outstanding works to conclude because of the coronavirus pandemic which had delayed the originally expected completion date.
ASFL supported the business by refinancing the existing development lender and supplying the additional funds required to enable the client to complete the works to the property.
ASFL offered the client its ‘residential investment’ product on a 12-month term at 75% LTV. The client intends to sell eight of the flats to private buyers and retain the other eight as a long-term investment.
Shoaib Bux, Joint Managing Director at ASFL commented:
“The client’s project unfortunately suffered delays which were outside of their control.
As a relationship-led lender, we understand that not everything goes according to plan on property projects.
We worked closely with the client and the broker to explore various options that would allow the client to complete the project and fulfil their agreements as effectively as possible.”
Tom Bamber, Director at 2XL Commercial Finance:
“The Arbuthnot Specialist Finance team were incredibly supportive on this transaction which needed to be delivered to a strict timetable.
Ian Jones, who was the underwriter on this, really took the time to help the client find a solution for this temporary setback.
Ian visited the site of the development with me several times to check progress and discuss the transaction, often being available outside of working hours; something the client and I really appreciated.
ASFL promote ‘short-term lending, long-term relationships’, and my experience with them as always is testament to that.”