Specialist bridging lender Glenhawk has completed a £5.3 million loan secured against 66 HMO rooms in Coventry city centre.
The 12-month serviced facility covers four freehold titles and was advanced at 75% loan-to-value against the properties’ investment value, with a rate of 0.88% a month.
The financing allows the borrower to transfer the properties into a new SPV as part of its exit plans and longer-term investment strategy.
The deal was underwritten by Harry Dick-Cleland and introduced by Jo McCarthy of B2B Finance.
Annaliese Ellis, business development manager at Glenhawk, says: “A transaction of this size and complexity requires a huge amount of effort from all parties. Hats off to everyone involved for delivering a great outcome for our client.”
McCarthy adds: “Glenhawk kept the transaction on track and managed all parties effectively.
“When an amendment to the facility was required Glenhawk were flexible in the approach for additional security and structuring the facility to maximise day one drawdown.”
