Specialist bridging lender Hilco Real Estate Finance has confirmed the completion of a £5.4m loan secured against a well-positioned office building in the North West of England.
The borrower, an experienced developer, had recently fully refurbished and tenanted the historic building and had reached the end of an existing loan term. As a potential sale had not materialised, a quick refinance was required. As both the borrower’s and HREF’s solicitors were well organised, the loan was completed from start to finish in just four weeks.
Andrew Ward, (pictured) managing director of HREF, comments: “Given the nature of the office market, our expertise in understanding early on the quality of this asset helped to ensure success.
“As well as being able to act swiftly, we were also able to structure the loan so that interest is retained until the end of the tenants’ rent-free period, and will thereafter be serviced.
“Our thanks go to all the advisers involved who helped to ensure a smooth transaction.”
