Ramsay & White secures £2.69m refinance for five-unit barn conversion

By

alec

Ramsay & White has successfully completed a bespoke £2.69 million refinance for an experienced landlord’s first development project, the conversion of a former farm site into five residential homes.

Led by Mortgage & Protection Adviser Alec Witts, one of Ramsay & White’s top brokers, the deal was structured in collaboration with Hampshire Trust Bank to provide a long-term funding solution tailored to the client’s evolving strategy.

The developer had transformed what was once a milking parlour and slurry house into five characterful homes under barn conversion planning.

While the original plan was to sell the units on completion, delays during construction meant the client was approaching the end of their development finance term.

A short-term refinance wasn’t viable, so a longer-term solution was essential to avoid eroding profitability.

Alec worked closely with the lender to secure a facility of £2.694 million gross (£2.566 million net) fixed at 5.76% over five years, with a 5% arrangement fee.

The funding was secured against the entire site under one title, helping the client avoid time-consuming and costly title splits.

Crucially, the lender also allowed future individual sales without impacting the loan, giving the client full flexibility to hold, rent, or sell the homes on their own timeline.

This tailored deal also enabled a mix of rental strategies, with the option to let some of the homes as short-term holiday lets and others as standard buy-to-let properties.

A fast-tracked valuation retype was arranged just as the build was finishing, and Alec navigated the lender’s complex requirements to ensure everything aligned with the client’s long-term goals.

The result is a stable, flexible finance package that supports both the retention of the properties and the ability to unlock their value in future, all while maintaining a healthy return on investment.

Alec Witts said:

“We knew a traditional bridging loan wouldn’t cut it. This deal needed to work for the client now and in the future.

By listening to what they wanted to achieve and working closely with HTB, we delivered a solution that ticks all the boxes, and keeps their options wide open.”

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