Hampshire Trust Bank (HTB) finalised significant agreements totalling £20m with The Property Finance Collective (TPFC) within three days.
- The agreements include refinancing, development loans, and bridging loans for various property projects.
- Each transaction presented unique challenges, including legal issues and lease problems, requiring tailored solutions.
- HTB showcased flexibility by adapting financing strategies to meet the evolving needs of clients.
- The collaboration highlights HTB’s commitment to prompt and effective finance solutions.
Hampshire Trust Bank (HTB) has completed a series of major deals with The Property Finance Collective (TPFC), reaching a value of nearly £20 million over a rapid period of three days. These transactions comprised a £6.075 million refinance on a new development that includes 40 residential units and one retail unit, an £11.9 million development loan for the first phase of a project featuring 49 units, and a £1.75 million development exit bridging loan. The latter was aimed at converting upper floors of an existing property into seven new apartments.
Michael Primrose and Adam Powell from TPFC orchestrated these complex arrangements, navigating through issues such as title and lease discrepancies and overcoming legal delays. Mark Witherington, lending director of development finance at HTB, remarked on the collaborative nature of these deals, stating, “It’s always a pleasure working with Michael and his team at TPFC, and completing three deals in three days is a remarkable achievement.”
He further emphasised the customised approach needed for each transaction, noting, “Each transaction had its complexities, but by working closely with TPFC, we tailored solutions to meet each borrower’s specific needs.” For example, the conversion of a retail property’s upper floors into apartments required financing adjustments when new planning permissions were granted midway through the project.
In another instance, a project’s financial strategy was executed in phases, offering client flexibility as construction plans matured. This adaptability is a testament to HTB’s specialist finance capabilities. Mark Newman, a BDM specialist in mortgages at HTB, also highlighted the swift execution of these deals, showcasing the synergy between HTB and TPFC.
Newman stated, “The refinance case highlighted the strength of collaboration between HTB and TPFC. Working together, we submitted the deal and issued an offer within eight working days, demonstrating our commitment to speed and deliverability.” The rapid execution was facilitated despite challenges, such as tight deadlines to clear existing loans, by relying on existing property valuations. HTB’s dedication to client needs was evident as the bank moved quickly to ensure deals were closed efficiently.
Michael Primrose of TPFC expressed his satisfaction with the transactions, noting them as a significant achievement and milestone. “I’m incredibly proud that we were able to close these three significant deals with HTB,” Primrose commented, underlining the demanding nature of the transactions and the crucial role of team expertise. The successful partnership between TPFC and HTB underscores their mutual dedication to navigating complex financial landscapes efficiently.
The rapid completion of these substantial deals underscores the effective partnership between HTB and TPFC in navigating complex financial challenges.
