A complex refinance involving a Grade II-listed property in Hereford has been completed by specialist lender Redwood Bank.
Working in partnership with Merryoaks Property Finance, the £798,000 deal refinanced a high street building that had been converted into 10 residential flats with a retained commercial unit.
The transaction required intricate handling due to its listed status and a tight turnaround, alongside an intercompany finance structure, with the asset sold to the client’s investment entity.
Redwood approved the loan with a 2% fee on a 10-year interest-only term, with a five-year fixed rate of 6.49%. The loan will then roll into a 20-year capital and interest repayment, making up a 30-year total term. Due to the property’s strong environmental performance, the client also benefited from Redwood’s green cashback reward, paid upon completion.
Mark Dobson, head of business development for South and London at Redwood Bank, said: “This was a complex case involving multiple layers – intercompany lending, a listed building and the need for a fast turnaround. Not every bank would take on a structure like this – but Redwood Bank did, and we will continue to support brokers and clients with bespoke, flexible lending solutions.
“We worked under tight timelines, but the collaboration between Redwood, Merryoaks, the client and the solicitors involved was seamless. This deal is a testament to the strong relationship now built between Redwood and Merryoaks. I’m incredibly proud of the team who ensured a smooth completion under significant pressure.”
George Melling, head of bridging and commercial at Merryoaks, added: “This deal was a fantastic example of what can be achieved when everyone pulls in the same direction.
“Redwood’s willingness to understand the client’s structure, their pragmatic approach, and their speed of execution made all the difference. It’s been a real pleasure working with a lender that genuinely values relationships and results. With their outstanding legal team also involved, this marks signs of a strong and lasting partnership.”
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