OSB Group has completed a £25.9m mixed-use refinance for an experienced property developer, backing Barclay House, a scheme in Manchester.
Barclay House comprises 93 apartments and basement commercial space. The borrower needed a short-term facility once the residential element reached practical completion, to refinance away from a development lender, finish fit-out of the commercial space and establish rental income before a future sale or longer-term refinance.
The mixed-use refinance moved from formal offer to completion in 21 days, and funding arrived little more than a month after referral.
Because the borrower had to repay its existing funder within a tight timeframe, OSB Group’s High Net Worth and Specialist Property Team worked closely with the borrower and its advisers throughout. The team visited the site shortly after the initial enquiry, which helped shape the requirements for credit approval and kept the mixed-use refinance moving towards funding.
OSB Group agreed the facility at 75% LTV, citing the borrower’s extensive track record and the strength of the Manchester rental market.
“This was a substantial transaction with a challenging timeframe, but by engaging with the borrower at an early stage and visiting the site within days of the initial enquiry, our teams were able to build a clear understanding of both the asset and the client’s objectives,” said Adrian Moloney, group lending distribution director at OSB Group (pictured).
“The strength of the development, the borrower’s track record and the resilience of the Manchester rental market gave us confidence in the case, allowing us to deliver a solution in just over a month from first enquiry.”
“The client needed a lender that could move quickly and take a pragmatic view of a complex refinance while parts of the scheme were still being finalised,” added Aris Shanti, partner at A&M Investment Office. “Although this was our first transaction with OSB Group, the team engaged early, worked collaboratively with the professional advisers and maintained clear communication throughout the process. Completing a £25.9 million transaction in this timeframe helped the client meet a critical deadline and move forward with their plans for the development.”
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