Hampshire Trust Bank (HTB) has completed the £5.335m refinance of a 45-flat residential portfolio in South Manchester, providing an experienced professional property investor with a higher level of borrowing against the portfolio.
The portfolio comprised 45 flats across nine separate leasehold residential blocks, all let on individual Assured Shorthold Tenancies (ASTs). HTB worked alongside Simon Das, director of specialist broker 978 Finance, to structure and deliver the refinance.
The case carried significant legal and structural complexity. Issues included trust structures affecting both the borrowing and ownership arrangements, an original acquisition completed without a deposit, the redemption of three first charges, 28 second charges across nine separate companies and existing vendor finance. TitleSolve indemnity insurance also formed part of the legal solution.
Before the application formally progressed, HTB and the broker worked through the key legal and funding considerations together, giving the broker confidence that the proposed funding could be delivered before the client incurred significant costs.
Addressing these issues ahead of valuation and formal offer provided greater certainty for both parties and allowed the transaction to move efficiently once legal work began. It completed in approximately six weeks.
"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," said Wes Baker, regional account director, specialist mortgages at Hampshire Trust Bank (pictured).
"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, director at 978 Finance, described the importance of lender selection when handling a transaction of this nature. "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," he said. "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."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
