Glenhawk has completed a £5.6 million portfolio refinance secured against 41 supported living and residential care properties.
The specialist bridging lender said the facilities are secured against properties across Durham, East Sussex, the West Midlands, Kent and West Yorkshire.
The loan was completed at 70% LTV against the aggregate value of the portfolio, with a rate of 0.77% per month.
Glenhawk said the funding was used to repay existing debt secured on the properties and included a £1.65 million capital raise to support the purchase of five additional properties.
The loan is expected to be repaid through a portfolio refinance with a term lender once the new assets have been secured.
The case was originated by Stephen Wrigley, business development manager at Glenhawk, and underwritten by Harry Dick-Cleland, senior credit associate.
Wrigley (pictured) says: “This deal underlines our appetite for large, complex portfolio loans. Supporting borrowers in releasing equity from their portfolios is a common use of our bridging product and, in this case, our loan enables our client to swiftly secure an onward portfolio purchase.”
