Redwood Bank has refinanced a nine-bedroom assisted living HMO in Bristol, replacing a bridging facility with a £561,000 residential investment mortgage.
The deal, introduced by Rokform Finance, part of the Rokform Group, provides the borrower with long-term funding while releasing additional capital for further investment. The client is an existing Redwood customer.
The property, valued at £900,481, has undergone extensive refurbishment and is let on a long-term lease to a care provider delivering supported living accommodation for adults aged 18 and over with learning disabilities and autism.
Due to the building’s EPC rating, the loan qualified for Redwood’s Green Cashback Reward, providing a 0.20% cashback incentive.
BROKER RELATIONSHIPS
Ian Tudor (main picture, inset), regional development manager (South and South West) at Redwood, says: “This was a great example of how a strong broker relationship and an existing customer partnership can come together successfully. We were delighted to provide a suitable long-term solution for the customer, particularly one that also qualified for our Green Cashback Reward.
“Supporting projects in the assisted living sector is especially rewarding and we were pleased to work collaboratively with Rokform to deliver certainty and clarity throughout the process.”
EASIER TO MANAGE
Julian Lewis, director at Rokform Finance, adds: “We were delighted that Redwood was able to support our customer with the latest addition to their portfolio. Retaining all of the customer’s finance with one lender makes the facilities far simpler and easier to manage.
“Redwood demonstrated flexibility throughout the process and responded quickly when the customer requested an increase in the borrowing amount. That responsiveness made a real difference in helping us achieve the right solution.”
