Hope funds refinance of residential and retail property in Bootle

Facility

£676,800

Loan Term

6 months

LTV

72%

Issue

The property, a mixture of residential and retail – was unencumbered, and the client – an investment firm – was looking to refurbish the gym and restaurant and finish building a new supermarket onsite.

Work had already commenced and the borrower required a short-term loan to enable completion and release equity.It was a complicated project because Signature Living Hotel owned the Freehold and was providing the security for the funds against the Freehold and they were leasing to the client.

Plus another company owned the car park and had to surrender part of the lease to allow for new leases of the Gym and Supermarket pass to our client. We needed to ensure that the surrender plan was accurate and reflected the full area required under the leases of the gym and supermarket.

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Solution

Hope Capital agreed on a loan term of 6 months, with 6 months interest deducted upfront. As a flexible lender, we also agreed to extend the loan for a further 6 months if required. This was subject to interest being paid upfront or rolled into an increased loan, subject to updated valuation and the loan not exceeding 65% of the confirmed 180-day valuation.

We also agreed to provide further funds to assist with the costs of the proposed works, subject to valuation.

Result

The solicitors had their work cut out, but did an amazing job lining everything up to ensure everyone was comfortable with the legals, and Hope was able to provide the funds needed in the timescales to ensure the deal was completed on time.

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Chris Buckley

Chris Buckley

Chris will be the first point of contact for the growing numbers of brokers calling Hope Capital. He will be able to provide help and advice and information on exactly how Hope Capital can meet the demands of their clients. Speak with Chris directly by calling 0151 522 2585.

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Chris Buckley

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