HTB Specialist Mortgages helps create a solution for £24m funding requirement for a large multi-unit block
Hampshire Trust Bank (HTB) Specialist Mortgages division has created and completed a complex syndicated £24m loan for a large property near Leeds. The facility, brokered by Newsource Commercial Finance, provided a five-year term loan to refinance an existing development loan supplied for 284 flats across four blocks of securities.
HTB took a joint charge on the facility supplying a net advance of £9,800,000 provided at 75% LTV, while another lender supplied the remaining £13,912,500. Both lenders refinanced two blocks each. Both teams turned the proposal around swiftly, offering an attractive solution which allowed full repayment for the existing funder.
Alex Searle, pictured, Sales Director, Specialist Mortgages said:
“This transaction demonstrates HTB’s consistency and commitment to seeing through a transaction, where other lenders change shape or withdraw. Our specialist team can enter into appropriate syndicated transactions with other lenders to deliver tailored solutions that fit the client’s needs. I would like to mention our solicitors Paris Smith who supported the legal process very efficiently with open dialogue between all sides, which ensured that the deal drew on schedule.”
Brian Walters, Director at Newsource Commercial Finance added:
“This was an extremely complex syndicated deal where speed and co-operation was paramount. I was particularly impressed that HTB had both the hunger and capability to deliver on such a large deal. Throughout the process, they were extremely constructive regarding the way forward and very efficient.
With this deal, everyone in the HTB team showed genuine enthusiasm. From Adam (Lending Manager) to Jack (Lending Assessor), from Greg (Underwriter) to Dina (Completions Officer), and of course from Anna to Alex, their commitment throughout was extremely refreshing.”