Glenhawk funds Northumberland barn conversion with £2.1m loan

Glenhawk has completed a £2.1m finish-and-exit loan to support a barn conversion project.

The client was developing a four-unit barn conversion project in Northumberland, but when key members of their development team fell ill mid-build they needed more time to finish, market and sell the units.

At that point, two of the units were complete, with the others at a much earlier stage.

Glenhawk’s loan, at 70% LTGDV, provided a day one net loan sufficient to repay the existing development lender, plus a drawdown facility of £611,000 to finish the two unfinished barns.

The loan was originated by Ryan Brewer, business development manager for the North at Glenhawk (pictured above), and underwritten by Loulou Rich. It was packaged and introduced by Steve Toole at NMS Commercial Services Ltd.

“Completing this deal was no easy feat; it had a number of moving parts and issues raised late in the transaction — most notably, bats were detected on site, which caused a late hurdle to overcome. But thanks to superb work from Loulou we were able to get comfortable to proceed without changing our loan terms,” said Ryan.

“We would like to extend a huge thanks to Steve and his team for trusting us with this deal.”