Hampshire Trust Bank completes £7.5m development exit deal in weeks
Hampshire Trust Bank (HTB) has provided one of the North West’s largest property developers and private rental companies with a £7.5m development exit facility. The deal, which completed in February, took just a few weeks from offer through to completion, providing an overall facility for 70% LTV.
The loan, for a 34-unit apartment block in Manchester, will allow the borrower to refinance their existing development loan and provides a 12-month period to sell the property.
Recognising that his client required a lender with a strong understanding of the market in Manchester and a team that can deliver, broker Gareth Butler of Watts Commercial Finance, contacted HTB.
Gareth Butler, senior commercial manager at Watts Commercial Finance, commented: “It was seamless and proved that there is real value in having a strong relationship with the Senior Underwriter, James Hine, who was excellent throughout.”
Jamie Jolly, director of bridging, Hampshire Trust Bank, added: “This completion clearly demonstrates that our approach to bridging finance works. We look to provide a personal touch to all cases and positively promote access to the key people within our team.
“Gareth had direct contact with James which allowed us to work quickly, and efficiently, to complete the transaction within weeks.
“It was an absolute pleasure to work with Gareth and the team at Watts Commercial Finance.”