FRP Real Estate Advisory arranges £2.98m BTL refinance for portfolio in Horsham

13 August 2026

FRP Real Estate Advisory has arranged the £2.98m refinance of a 12-flat freehold block in Horsham, Sussex, supporting the client in repaying a bridge and moving onto a five-year fixed-rate term loan with specialist buy-to-let lender Rely. The transaction marks FRP Real Estate Advisory’s sixth deal with the borrower, including a bridging loan and a development finance facility – reflecting an advisory relationship that spans the full property life cycle.

To structure the refinance, FRP transferred the block’s 12 flats into a new special purpose vehicle and created individual leaseholds for each unit. This allowed Rely to lend against the aggregate value of the flats rather than applying the block discount typically used for freehold purchases, maximising leverage for the client. The facility was completed at 75% net LTV.

The transaction was led by Corey Dennis, Associate Director at FRP Real Estate Advisory, who also worked to shield the client from a short delay on the outgoing solicitors' side. Rather than let the client absorb any extra cost from a process outside their control, Corey negotiated for those costs to be waived.

Corey Dennis, Associate Director at FRP Real Estate Advisory, commented:

“This is a deal I’m genuinely proud of. Given we needed to maximise leverage to exit the outgoing lender’s position, we had to get creative with the structure to ensure no block discount on the freehold MV would be applied. Alongside this, when something outside the client’s control threatened to cost them money, protecting them from that was simply the right thing to do. Seeing them come out the other side with a facility that finally reflects the true strength of their portfolio is a great result for everyone involved.”

Amanda Lammers, Business Development Manager at Rely, added:

“Working with Corey and the team on this case was a great experience from start to finish. It’s exactly the kind of relationship we want to build with brokers, one built on trust and a shared understanding of what the client actually needs. We’re still a new lender to the market, so to have a completion over the line with an experienced team who know how to put a strong case together is a great win for us.”