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Glenhawk, the specialist bridging lender, has today announced the completion of a £5.6 million portfolio refinance secured against a portfolio of 41 supported living and residential care properties across Durham, East Sussex, West Midlands, Kent and West Yorkshire.
The loan was completed at 70% LTV against the aggregate value of the portfolio, at a rate of 0.77% per month.
The loan was used to repay the existing debt secured on the properties and included a £1.65 million capital raise to fund the purchase of five additional properties. It will be repaid by way of portfolio refinance with a term lender once the new assets are secured.
The loan was originated by Stephen Wrigley, Business Development Manager, and underwritten by Harry Dick-Cleland, Senior Credit Associate.
Stephen Wrigley, Business Development Manager at Glenhawk, commented:
“This deal underlines our appetite for large, complex portfolio loans. 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.”
