Hampshire Trust Bank (HTB) has announced that it has completed a £20m+ development finance facility to refinance a substantial strategic land portfolio on behalf of a UK-based...

The deal marks the bank’s first direct loan in the social housing space.

This latest deal follows the completion of an £8.25m loan facility against a former airport hotel property earlier this month.

The portfolio comprises a mix of 4 and 5-bed homes due for completion in June next year.

The loan was secured at 78% LTV on a 24-month term.

The first phase is set to deliver 134 apartments and 12 houses.

The deal completed at 70% loan-to-value with a 1.10% flat rate over 12 months.

Flexible funding was delivered pre-completion - "a rare move in the market."

The asset is let on a 10-year lease.

The loan was arranged and submitted within four days.