Specialist bridging lender, Glenhawk, has completed a £5.6m portfolio refinance secured against 41 supported living and residential care properties across Durham, East Sussex, West Midlands, Kent and West Yorkshire.
The loan completed at 70% LTV against the aggregate value of the portfolio, at a rate of 0.77% per month. As well as repaying existing debt secured on the properties, it included a £1.65m capital raise to fund the purchase of five additional assets.
Once those properties are secured, the loan will be repaid through a portfolio refinance with a term lender.
Stephen Wrigley, business development manager at Glenhawk (pictured), originated the deal, with Harry Dick-Cleland, senior credit associate, handling underwriting.
"This deal underlines our appetite for large, complex portfolio loans," said Wrigley. "Supporting borrowers in releasing equity from their portfolios is a common use of our bridging product, and, in this case, our loan enables our client to swiftly secure an onward portfolio purchase."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
