Hampshire Trust Bank and The Property Finance Collective have announced the completion of three major financial deals amounting to almost £20m within a span of three days. The deals were diverse, involving refinancing, development loans, and bridging finance, showcasing the adaptability and close collaboration between the two entities. Despite challenges like legal delays, the partnership thrived due to tailored solutions and fast execution. Significant figures involved praised the teamwork and creativity essential for these achievements. Such milestones highlight the proficiency and dynamism within the UK finance sector.
Hampshire Trust Bank (HTB) and The Property Finance Collective (TPFC) have successfully managed to finalise three significant deals worth nearly £20m in just three days. The transactions featured a £6.075m refinancing of a new development comprising 40 residential units and one retail unit, an £11.9m development loan for the initial phase of a project with 49 units, and a £1.75m development exit bridging loan aimed at converting the upper floors of a property into seven apartments.
Individuals from both organisations, including Michael Primrose and Adam Powell from TPFC, navigated various hurdles such as title and lease issues along with legal delays. Mark Witherington, HTB’s lending director for development finance, expressed pleasure in collaborating with the TPFC team, emphasising the remarkable nature of completing three deals within such a tight timeframe. He noted the complexities inherent in each transaction, which were overcome by working closely with TPFC to customise solutions to meet each borrower’s particular requirements.
An example provided by Witherington detailed the adaptation from development lending to an exit loan after a client obtained new planning permission during a project converting retail property’s upper floors into apartments. This flexible approach by HTB allowed continued development and provided necessary time for sales completion, flexibility mirrored in other projects which required phased financing to accommodate evolving plans.
The strategic partnership and HTB’s flexible strategies are highlighted as crucial factors in managing these complex financial transactions. Mark Newman, HTB’s specialist in BDM mortgages, acknowledged the importance of the collaboration between HTB and TPFC, which facilitated the rapid submission and offer issuance within a mere eight working days.
The refinancing initiative especially showcased the effective collaboration, where existing valuations were accepted to expedite offers, setting a precedent for swift execution. Both parties underscored the challenge of a tight deadline, which was met with proactive support and a comprehensive understanding of the clients’ needs, underscoring HTB’s commitment to delivering timely service.
This series of transactions underscores the efficacy of strategic partnerships in the financial sector, reflecting both entities’ dedication to customised, effective solutions.
