Mortimer Street Capital arranges £900,000 commercial refinance for Grade II-listed office

Mortimer Street Capital (MSC) has arranged a £900,000 commercial refinance of a Grade II-listed office building in Birmingham’s Jewellery Quarter.

The facility enabled the client to release equity from an existing high-street banking facility to fund the acquisition of a further investment property.

The property is a fully refurbished multi-let office building extending to approximately 4,050 sq ft over five floors.

Having increased the value of the asset through refurbishment and active management, the client was seeking to maximise the equity held within the building without disposing of the asset.

The released capital would provide the deposit required for their next acquisition, allowing them to continue expanding their property portfolio.

MSC structured a refinance at 65% LTV to replace the existing high-street banking facility while releasing significant additional capital against the property’s current market value.

Justin Trowse, managing director at Mortimer Street Capital (pictured above), commented: “Releasing equity to fund future acquisitions is a familiar theme that we are seeing from owner-occupier commercial property investors, as they seek to take advantage of opportunities and expand their portfolios.

“The increasingly complex needs of SMEs are driving more and more of them to appoint brokers to source the most appropriate finance solutions for them, as highlighted in this particular case.”