Hope Capital Property Finance has completed a £2.3 million development exit and refinance secured against six homes in South Luffenham, Rutland.
The facility supported the transfer of ownership between two limited companies and released capital while the remaining properties progressed towards sale.
The security included a converted watermill that had been refurbished as a high-specification holiday let before being converted to residential use, as well as two houses forming part of an adjacent pub conversion.
The original application covered six apartments in the watermill and two houses. Two of the apartments were sold during underwriting and removed from the available security, prompting Hope Capital to revise its terms.
The lender completed the deal with charges over four apartments and two Grade II listed houses, each containing between two and three bedrooms.
The 12-month facility was arranged at 70% loan-to-value, with interest charged at 0.82% and deducted in full on completion. Hope Capital commissioned a full valuation and put title insurance in place to support the legal process.
The deal was introduced by Max Mace, director of NM Finance, and managed by Sam Lea, national account manager at Hope Capital. Andrew Bate, senior underwriter, led the underwriting.
Mace says: “Given the evolving elements of the deal it was essential that we were able to work with a lender who could make major adjustments to the terms of the loan without derailing the deal.
“It’s the first time I’ve had the chance to work with Sam Lea but it didn’t feel like it – I found it very easy to communicate and make adjustments when needed.
“I look forward to working with Sam more in the future.”
The borrowers commented: “We appreciate it was a challenging deal with a lot of moving parts, however it was refreshing to have an underwriter who didn’t shy away from the challenge and as a result has delivered an excellent outcome.
“The transition to the Loan Support Team has already been seamless and we can’t wait to continue working with the post completions team.”
Bate adds: “A deal like this demands real focus and flexibility at every stage. There were moments when we were tested, but that’s the kind of challenge I thrive on.
“Every deal like this makes you a better underwriter, and seeing it complete successfully for the borrower makes the hard work worthwhile.”
The transaction was the first completed deal between NM Finance and Hope Capital.
