“A transaction of this size and complexity requires a huge amount of effort from all parties.”
– Annaliese Ellis – Glenhawk
Specialist bridging lender Glenhawk has announced the completion of a £5.3 million bridging loan secured against 66 HMO rooms across 4 freehold titles in Coventry City Centre.
The 12-month, serviced loan, at 75% LTV against the investment value of the properties, was priced at a rate of 0.88% per month. The loan allows Glenhawk’s borrower to transfer the properties into a new SPV, which will help facilitate their exit plans and longer-term investment strategy.
The deal was underwritten by Harry Dick-Cleland and introduced by Jo McCarthy of B2B Finance.
“A transaction of this size and complexity requires a huge amount of effort from all parties,” Annaliese Ellis, BDM at Glenhawk, said. “Hats off to everyone involved for delivering a great outcome for our client.”
Jo McCarthy, the introducing broker, added: “Glenhawk kept the transaction on track and managed all parties effectively. When an amendment to the facility was required, Glenhawk were flexible in the approach for additional security and structuring the facility to maximise day one drawdown.”
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