Glenhawk completes £5.3m HMO portfolio refinance

Glenhawk has completed a £5.3m bridging loan secured against 66 HMO rooms across four freehold titles in Coventry city centre.

The 12-month serviced loan, at 75% LTV against the investment value of the properties, was priced at a rate of 0.88% per month.

The loan allows the borrower to transfer the properties into a new SPV, which will help facilitate their exit plans and longer-term investment strategy.

The deal was underwritten by Harry Dick-Cleland and introduced by Jo McCarthy, commercial finance specialist at B2B Finance.

Annaliese Ellis, BDM at Glenhawk, commented: “A transaction of this size and complexity requires a huge amount of effort from all parties.

“Hats off to everyone involved for delivering a great outcome for our client.”

Jo added: “Glenhawk kept the transaction on track and managed all parties effectively.

“When an amendment to the facility was required, Glenhawk was flexible in the approach for additional security and structuring the facility to maximise day-one drawdown.”