Lendhub completes £13m portfolio refinance bridging loan
Specialist lender, Lendhub has announced a milestone achievement in completing its largest loan to date.
The £13m facility assisted an experienced property professional in refinancing a portfolio of 15 residential properties, including a number of HMOs and land with planning permission.
This enabled the borrower to exit their existing facility which they were experiencing several issues with.
The borrower, introduced through Mantra Capital has an impressive track record having amassed a sizeable property portfolio and establishing a successful estate agency firm.
The facility was agreed at 70% LTV, on a 6-month term, and was arranged within 3 weeks from application to completion – an impressive turnaround.
The transaction was complex in nature given the number of short leasehold properties and legal intricacies which required a pragmatic approach to be taken.
The record loan follows a period of rapid growth for the lender who announced 5 new hires during the peak of lockdown.
Commenting on the record bridging loan, Asim Shirwani, Chief Commercial Officer at Lendhub said:
“Extremely pleased to have completed another deal for our friends Tony Antoniou and Nick Neophytou at Mantra Capital.
The bridging market is a crowded place right now and whilst competition is usually good and keeps us on our toes what really matters is the trust and confidence introducers place in us to deliver for their clients.
As is typical of deals of this size and urgency this transaction wasn’t without its challenges and I’m ever so grateful to Steve Clinning and his wonderful team at Howard Kennedy and Lindsey Lock at BNP Paribas for their professional support. A few celebratory drinks and on to the next one!’’
Tony Antoniou, Director, Mantra Capital, added:
“Commercial transactions by nature will always have their nuances but Lendhub’s technical nous, coupled with their ultimate passion for real estate, allows them to navigate through these quickly, which is pivotal for any bridging transaction.”