Hampshire Trust Bank has completed a £5.335m refinancing of a 45-flat residential portfolio in south Manchester for an experienced property investor.
The specialist lender worked with Simon Das, director of broker 978 Finance, on the leasehold portfolio, which comprises nine residential blocks with flats let on individual assured shorthold tenancies.
HTB and the broker considered the principal legal and funding issues before the application progressed, seeking to establish whether the proposed borrowing could be delivered before the client incurred significant costs.
The transaction involved trust structures affecting the borrowing and ownership arrangements, an original acquisition completed without a deposit and the redemption of three first charges.
There were also 28 second charges held across nine companies, as well as existing vendor finance. TitleSolve indemnity insurance formed part of the legal arrangements.
The refinancing completed in about six weeks after the legal and structural issues had been considered before valuation and formal offer.
Wes Baker (pictured), regional account director for specialist mortgages at Hampshire Trust Bank, says: “From our early conversations with Simon, it was clear the opportunity wasn’t simply refinancing the portfolio; it was making sure the client achieved the strongest outcome.
“Before the application formally progressed, we spent time understanding the transaction, working through the legal considerations and making sure everyone understood what could realistically be achieved before the client committed significant time and cost.
“By doing that work upfront, Simon could go back to his client with confidence that we could deliver on what we’d discussed. Complex cases will always involve challenges, but early collaboration removes uncertainty.
“We’re seeing experienced landlords and brokers take an increasingly strategic approach to refinancing, considering their borrowing requirements and ownership structures much earlier in the process.
“Bringing your lender into those conversations early gives everyone the best opportunity to achieve the right outcome.”
Das says: “Given the complexity of the transaction, it was important to work with a lender that would look at the complete picture rather than focusing on individual issues in isolation.
“We knew HTB would take that approach, and that gave us confidence we could deliver the strongest outcome for the client.
“Before valuation and offer, we worked closely together to resolve potential legal issues and give the client confidence before significant costs were incurred.
“This was never going to be a straightforward refinance, with multiple charges, trust structures, vendor finance and several companies involved.
“Communication was excellent throughout and I always had direct access to the right people. That collaborative approach helped us complete through legals in around six weeks, which was quicker than some much more straightforward transactions we’ve worked on.”
