Glenhawk, the specialist property lender, has completed a £3.1 million residential marketing loan to support the refinancing of three residential properties on a private estate in Essex while they are actively being marketed for sale.
The facility was provided through Glenhawk’s Structured Real Estate (SRE) division and was secured against a portfolio of three residential properties in Essex. The properties had been completed and occupied for a number of years.
Residential marketing loans are designed to provide borrowers with short-term funding against newly vacated properties that are being marketed for sale, removing interest servicing requirements while providing additional time to achieve the desired sale outcome.
Introduced by Fergus Izat, Director of Bridge St Finance, the transaction was structured at 75% LTV against a portfolio valued at £4.2 million.
While the loan size sat below the level often associated with larger structured real estate transactions, the complexity of the deal mechanics and the nature of the assets required a more tailored funding approach.
Glenhawk completed valuation and credit approval within two weeks of receiving the introduction. Title insurance was also used to help accelerate the legal process and maintain momentum throughout the transaction.
The facility forms part of Glenhawk’s growing Structured Real Estate proposition, which supports brokers and borrowers across a broad range of residential and commercial transactions that sit outside conventional lending parameters.
Chris Daly, Managing Director of Structured Real Estate at Glenhawk, said:
“This transaction is an excellent example of where the Structured Real Estate team were able to support our colleagues in the core Bridging business under the wider Glenhawk brand. The underlying properties were excellent assets, but the ownership structure and wider circumstances required a bespoke product and a team able to spend additional time understanding the finer details. These are the cases where brokers need access to teams within lenders who can take a commercial view and build a solution around the transaction rather than requiring the transaction to fit a product.”
Fergus Izat, Director at Bridge St Finance, commented:
“This is our second deal in quick succession with Chris and the team. They took a highly commercial and pragmatic approach throughout the transaction. Chris invested the time to visit the site, understand the asset first hand and work through a particularly complex borrower structure involving multiple stakeholders.
“His structured, solutions-focused approach helped keep momentum in the deal and ultimately delivered a successful outcome for all parties involved. We look forward to working with him and the Glenhawk SRE team again.”
To find out more, visit https://glenhawk.com/borrowers/structured-real-estate
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