Hope Capital Property Finance has completed two refinance facilities totalling £6 million across four residential properties in Formby, Merseyside.
The funding was arranged with broker partner Melius Commercial for an experienced developer with several completed projects.
The borrower sought refinance while the completed properties were being marketed for sale, allowing more time to navigate slower sales conditions and higher cost pressures.
The refinance was structured as a development exit facility, replacing the original development loan to give the developer additional time to secure sales at appropriate values.
The facilities were handled by David Weir, national account manager at Hope Capital Property Finance, with underwriting led by Andrew Bate, senior underwriter.
Bate says: “These refinance agreements demonstrate what can be achieved when communication is aligned and all parties are focused on the same outcome.
“Working closely with Melius Commercial allowed us to move efficiently and provide the clarity and competitiveness each borrower needed to complete with confidence.”
Thomas Singleton, director at Melius Commercial, adds: “This particular transaction presented a number of complexities, including tight time constraints and two of the units being held under a single title.
“However, with the support of David and Andrew and the whole team at Hope Capital Property Finance, we were able to secure the refinance in a timely manner which led to a smooth transaction and a happy borrower.”
