Hampshire Trust Bank’s Commercial Mortgages has provided a £960,000 developer exit finance facility to an experienced property investor.
Brokered by Surrey-based intermediary Bespoke Business Finance, the facility, which has an LTV of 60%, will refinance an existing investment property, releasing some of the equity for a new acquisition.
Steve Williams, partner at Bespoke Business Finance, said: “Our client needed the funds within a very testing time frame.
“The most logical solution was to secure the use of Hampshire Trust’s Developer Exit Finance product. In the space of two weeks we were able to complete valuations, arrange for our client to meet with the bank and complete the necessary legals in order to drawdown. Solicitors Paris Smith were incredibly efficient in their dealings in the matter and ensured that the deal drew on schedule.”
Colin Bell, managing director of Commercial Mortgages at Hampshire Trust Bank, said: “We are delighted that we were able to help this investor access the funds he needed to secure his next project.
“Our Developer Exit Finance offering is designed to enable property professionals to move on quickly to their next development or refurbishment project, ensuring they don’t miss out on opportunities.”
Hampshire Trust Bank’s Commercial Mortgages team provides structured specialist lending with tailored solutions for SMEs, trading businesses and investors, offering bridging and term finance secured against buy-to-let, semi-commercial and commercial property.