Alex Searle

HTB creates solution for complex £24m development refinancing deal

Hampshire Trust Bank (HTB) Specialist Mortgages has created a solution for a complex syndicated £24m loan.

The facility was brokered by Newsource Commercial Finance for the refinance of an existing development loan for 284 flats across four blocks of securities.

HTB supplied a £9.8m five-year term loan at 75% LTV, taking a joint charge with another lender which supplied the remaining £13.9m.

Each lender refinanced two blocks, with both teams turning the proposal around quickly.

Alex Searle, sales director of specialist mortgages at HTB (pictured above), said: “This transaction demonstrates HTB’s consistency and commitment to seeing through a transaction where other lenders change shape or withdraw.

“Our specialist team can enter into appropriate syndicated transactions with other lenders to deliver tailored solutions that fit the client’s needs.

“I would like to mention our solicitors Paris Smith, who supported the legal process very efficiently with open dialogue between all sides, which ensured that the deal drew on schedule.”

Brian Walters, director at Newsource Commercial Finance, added: “This was an extremely complex syndicated deal where speed and co-operation was paramount.

“I was particularly impressed that HTB had both the hunger and capability to deliver on such a large deal.

“Throughout the process they were extremely constructive regarding the way forward and very efficient.”

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