Hope Capital Property Finance has completed two complex transactions introduced by Futurity Finance, including a £3.8 million semi-commercial purchase in London and a £2 million commercial deal in Scotland.
The lender said the cases reflected a working relationship between the two firms that has now covered more than 14 deals over the past 12 months.
The first transaction involved a semi-commercial property in London, where the borrower was seeking to maximise the value of the acquisition through a title split completed at the point of completion.
Hope Capital Property Finance lent against the property’s projected value following the title split, enabling it to provide 100% of the £3.8 million purchase price.
The structure also gave the borrower time to arrange refinancing without the risk of an impending second charge on another property.
The transaction was the first deal structured together by Hope Capital national account manager David Weir and Stephen Gallagher of Futurity Finance.
The latest case involved the below-market-value purchase of a commercial asset in Scotland comprising three office buildings.
Hope Capital Property Finance provided a gross loan of £2 million over a 12-month term at 70% LTV against the property’s vacant possession value, with refinancing planned as the exit strategy.
Although the facility was agreed for 12 months, the borrower expects to repay the bridge within three months.
Underwriter Andrew Bate worked with Weir and the wider team on the underwriting and credit referral, while sales specialist Alicia Alty supported the broker with terms and the credit process.
Weir (pictured) says: “These two cases show the range of what we can structure for Futurity Finance’s borrowers, from a below market value purchase in Scotland to a complex semi-commercial deal in London.
“Working closely with Stephen on over 14 deals in the last 12 months has given us confidence to stretch our criteria to support his borrowers .”
Gallagher adds: “Hope Capital Property Finance’s ability to structure these deals gave the borrower immediate equity gain from day one and substantial taxation savings, exactly the kind of result that leads to repeat business.”
