Hampshire Trust Bank completes £2.1m development exit loan

By Bridging Loan Directory 1st August 2024

Hampshire Trust Bank (HTB) has successfully completed a complex £2.1m development exit facility for a newly constructed block comprising six flats in Ealing, West London.

The seasoned developer required the facility to repay an existing development loan and raise an additional £225,000 for further investments.

The case presented several complications, including the client’s non-UK nationality, a mid-process change in the borrowing entity and several other complex challenges.

Complicating matters further, the client’s instructed valuation faced repeated delays, and the necessary building regulations had not been fully approved.

The broker, Residential Home Loans, approached HTB knowing they would be able to provide support with this complex case and the HTB team were able to work collaboratively to overcome these challenges.

Despite building regulations not being fully finalised, HTB moved forward with the offer, including special conditions to address this.

The HTB team also worked closely with the valuer using photos and videos of the finished development to avoid the costs of a third valuation.

HTB’s strong reputation in the bridging sector is reinforced by its commitment to providing tailored solutions and working closely with brokers to ensure successful outcomes.

Lorenzo Satchell, sales director for bridging at HTB, commented:

“This case demonstrates why HTB has become the go-to lender for brokers and investors looking for bridging loans.

With such an incredibly capable team, who have the freedom and authority to resolve issues quickly, we worked around the clock to ensure the best solution was delivered.

By being creative we’re able to support a greater number of borrowers, and more importantly, ensure brokers understand just how capable we are when faced with complex cases.”

Tony Hughes, managing director at Residential Home Loans added:

“The complex elements to this facility had all the hallmarks of a typical case we receive as a broker, and these are the types of transactions I love working on to provide the best possible outcome for my clients.

From start to finish we worked closely with the HTB bridging team who acknowledged the challenges around the transaction day one.

It was a case that called upon all the resources within the HTB bridging team to get this deal over the line, which meant it was an incredibly satisfying deal to complete.”