HTB refinances £15m property portfolio with Coreco Commercial
Hampshire Trust Bank (HTB) and Coreco Commercial have completed a complex portfolio refinance and additional funding for a professional landlord to grow their portfolio.
The properties held a total value of £15m. The client required £11m+ with a £1m capital raise for further property investment. HTB worked closely with Coreco’s Julian Ingall and Matt Karagul to find a way to support the clients’ requirements. The deal necessitated a 74% LTV across lower yielding London assets. Given a low yielding aspect of the portfolio, HTB and Coreco were able to structure the finance and use income top-up to meet the ICR requirement across the portfolio therefore maximising the leverage for the borrower.
Marcus Dussard, sales director at HTB said “This is the type of complex transaction we embrace. When it comes to more complicated lending propositions, it is a combination of the skills and expertise of our team, combined with excellent communication and, of course, the partnerships we have with our brokers that gets the job done. From the outset Coreco Commercial had a clear view of the client’s circumstances and what they needed to achieve. Coreco worked closely with us to structure the deal based on great information and close cooperation. Due to the complexities of the deal, we were able to fully review the deal and give approval subject to valuation giving the client certainty before proceeding to an expensive valuation. This demonstrates our ability to be flexible when the need arises and the case dictates”.
Julian Ingall, director at Coreco Commercial said: “HTB worked through all the potential bumps in the road on this enquiry and thanks to the evidence provided by the client and the understanding of the project being relayed readily, we were able to work together to ensure all parties were comfortable with the deal. HTB were able to complete the deal within a matter of just a few months from start to finish – an incredible testament to the relationship held by the bank, their solicitors and ourselves!”.
