Specialist bridging lender, Glenhawk, has completed a £5.6m portfolio refinance secured against 41 supported living and residential care properties across Durham, East Sussex, West Midlands, Kent and West Yorkshire.
The loan completed at 70% LTV against the aggregate value of the portfolio, at a rate of 0.77% per month. As well as repaying existing debt secured on the properties, it included a £1.65m capital raise to fund the purchase of five additional assets.
Once those properties are secured, the loan will be repaid through a portfolio refinance with a term lender.
Stephen Wrigley, business development manager at Glenhawk (pictured), originated the deal, with Harry Dick-Cleland, senior credit associate, handling underwriting.
“This deal underlines our appetite for large, complex portfolio loans,” said Wrigley. “Supporting borrowers in releasing equity from their portfolios is a common use of our bridging product, and, in this case, our loan enables our client to swiftly secure an onward portfolio purchase.”
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