Property value

£4.5 million

LTV secured

44%

Saving

£50,000

A property company letting residential units

required refinance as their incumbent provider left the market

The deal

Assets

  • 25 residential investment properties

Security

  • First charge over portfolio

Income

  • From rental of properties
  • Regular tenant turnover

Requirements

  • £2 million refinance
  • Against a property holding company

Challenges

  • High management costs
  • Low value properties
  • Regional appetite from lender

Facility Secured

  • 5 year term
  • Lower margin than previous lender

Summary

An Isle of Man trust company seeking to refinance GBP 2m within a property holding company. The portfolio of 25 investment properties based in Leicester, England, had high management costs and regular turnover of tenants.

Existing lenders were unable to extend or renew facilities following a decision to exit the sector. The portfolio was most suited to banks as opposed to funds, so great care had to be taken to ensure legal and valuation costs were timely and kept to a minimum.

In order to distribute maximum funds to the beneficiaries, an interest only facility was requested.

How can we help?



Subscribe me to your mailing list

Want the details?

Colliers International Structured Finance
Second Floor, Weighbridge House, Liberation Place, St.Helier, JE2 3NA, Jersey.

+44 1534 767 600
structuredfinance@colliers.com

Subscribe to Colliers news and events