HTB supports £5.3m Manchester portfolio refinance

Hampshire Trust Bank (HTB) has supported the £5.335m refinance of a 45-flat residential portfolio in south Manchester, helping an experienced professional property investor secure a higher level of borrowing against the portfolio.

Working alongside Simon Das, director of specialist broker 978 Finance, HTB supported the refinancing of a leasehold portfolio comprising 45 flats across nine separate residential blocks, all let on individual Assured Shorthold Tenancies (ASTs).

Before the application progressed, HTB and the broker worked through the key legal and funding considerations, giving the broker confidence that the proposed funding could be delivered before the client incurred significant costs.

The case presented several legal and structural complexities, including trust structures affecting both the borrowing and ownership arrangements, an original acquisition completed without a deposit, the redemption of three first-charges, 28 second-charges across nine separate companies, and existing vendor finance.

TitleSolve indemnity insurance also formed part of the legal solution.

By addressing these issues before valuation and formal offer, HTB provided greater certainty for both broker and client, helping the transaction progress efficiently once legal work formally began.

Despite the number of stakeholders and moving parts involved, the transaction completed in approximately six weeks.

Wes Baker, regional account director of specialist mortgages at Hampshire Trust Bank (pictured above), commented: “From our early conversations with Simon, it was clear the opportunity wasn’t simply refinancing the portfolio; it was making sure the client achieved the strongest outcome.

“Before the application formally progressed, we spent time understanding the transaction, working through the legal considerations and making sure everyone understood what could realistically be achieved before the client committed significant time and cost.

“We're seeing experienced landlords and brokers take an increasingly strategic approach to refinancing, considering their borrowing requirements and ownership structures much earlier in the process.

“Bringing your lender into those conversations early gives everyone the best opportunity to achieve the right outcome.”

Simon added: “Given the complexity of the transaction, it was important to work with a lender that would look at the complete picture rather than focusing on individual issues in isolation.

“We knew HTB would take that approach, and that gave us confidence we could deliver the strongest outcome for the client.

“That collaborative approach helped us complete through legals in around six weeks, which was quicker than some much more straightforward transactions we've worked on.”