United Trust Bank completes complex £22m portfolio refinance and capital raise

By Bridging Loan Directory 6th September 2023

United Trust Bank (UTB) Structured Property Finance has completed a refinance and capital raise secured by an investment portfolio, which enabled the borrower to complete further acquisitions in line with their opportunistic investment strategy.

The transaction was introduced by Chris Spearing of PIA Financial Group and the portfolio comprised 31 properties, across 5 towns and cities, consisting of just under 200 residential units.

Rangemist Limited is a successful value add property investment and development business founded by Osman Yusuf in 2008.

However, Mr Yusuf has been investing predominately in residential property over several decades and has amassed a considerable real estate portfolio, including several schemes which he developed and retained.

Mr Yusuf wished to release equity to invest in further acquisitions. However, Rangemist’s incumbent lender was unable to release further equity from the portfolio and Chris Spearing of PIA Financial Group subsequently approached Martin Cameron of UTB’s Structured Property Finance team to see if they could assist.

Despite the significant property due diligence required for such an extensive security package, the Bank agreed a 5-year investment loan (3-year fix) of £21.94m, with a day one loan at 70% LTV and a further 4% released upon completion of several new occupational leases.

Osman Yusuf, Managing Director of Rangemist Limited, commented:

“I have worked with Chris Spearing for many years with previous lenders and he has proved to be the best relationship manager and now broker in my 32 years of building my portfolio.

Chris Spearing is an excellent, very experienced, and professional individual and always a pleasure to work with.

Martin Cameron and the team at UTB have been amazing and worked extremely professionally and fast with this deal.

I highly recommend UTB and Martin and I am looking forward to bringing considerably more business to the Bank.”

Chris Spearing, Associate Director at PIA Financial Group, commented:

“It was fantastic to be able to assist Mr. Yusuf with the refinance and equity release for the Rangemist Limited portfolio, given his intention to consolidate his loan requirements with one Lender and assist with his growth aspirations.

Jon Dibble supported me tirelessly in ensuring UTB had everything required for the Credit process.

Martin Cameron’s invaluable support and guidance, along with that of Ajsela Cela, resulted in a speedy completion, with the assistance of well-known and extremely efficient Solicitors.

I am extremely grateful to the whole deal team for their efforts.”

Martin Cameron, Business Development Manager – Structured Property Finance at United Trust Bank, commented:

“Rangemist Limited is a successful business and Osman Yusuf is a highly experienced and knowledgeable real estate investor.

When Chris Spearing contacted us and explained that despite their history, Rangemist’s incumbent lender would not allow Osman to release further equity from his portfolio, we were happy to consider their proposal.

The security package was extensive and complex but nonetheless we were able to provide a positive view and, with Chris Spearing and Jon Dibble’s invaluable assistance, completed the due diligence in a timely manner.

Within a few weeks of receiving the many valuations needed, Mr Yusuf was able to draw down the funds to settle Rangemist’s existing facility and use the remaining money to invest in future projects, ensuring the continued growth of his business.”