HTB teams up with Coreco for £12m property portfolio refinance

Hampshire Trust Bank (HTB) and Coreco Commercial have completed a £12m loan for a complex portfolio refinance.

The client required £11m for the refinance and £1m capital raise for further property investments.

The specialist bank and Coreco were able to structure the finance and use income top-up to meet the ICR requirement across lower yielding London assets in the portfolio, therefore maximising the leverage for the borrower and completing the loan at 74% LTV on a five-year fixed term.

Marcus Dussard, sales director at HTB (pictured above), said: “This is the type of complex transaction we embrace. 

“When it comes to more complicated lending propositions, it is a combination of the skills and expertise of our team, combined with excellent communication and, of course, the partnerships we have with our brokers that gets the job done. 

“From the outset, Coreco Commercial had a clear view of the client’s circumstances and what they needed to achieve. 

“We were able to fully review the deal and give approval subject to valuation, giving the client certainty before proceeding to an expensive valuation; this demonstrates our ability to be flexible when the need arises and the case dictates.”

Julian Ingall, director at Coreco Commercial, added: “HTB worked through all the potential bumps in the road on this enquiry and, thanks to the evidence provided by the client and the understanding of the project being relayed readily, we were able to work together to ensure all parties were comfortable with the deal. 

“HTB was able to complete the deal within a matter of just a few months from start to finish — an incredible testament to the relationship held by the bank, their solicitors and ourselves.”

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