"The transformation of this semi-commercial building into 28 luxury flats is an exciting milestone, and we’re proud to support Propp as they move forward into the next stages"
- Andrea Glasgow - Hampshire Trust Bank
Specialist finance comparison site, Propp, has announced that it has completed the second phase of a complex four-property, £16m refinance with Hampshire Trust Bank.
For this phase of the deal, the client required a £4.8m commercial term loan to refinance an existing development finance facility and raise extra money to go towards the purchase of a new exciting development opportunity.
Phase 3 will see the iconic Victorian department store in Exeter valued just shy of £14m transformed into luxury residential units. Once refinanced, this will then release the capital to move onto phase 4, which will see a fantastic conversion of an existing building into luxury apartments.
“Hampshire Trust Bank truly flexed their muscles on this case, not shying away from serious complexities and bending over backwards to get the deal over the line very quickly," explained Propp's CEO, Peter Williams.
"A very special thank you to Greg Barnard and Andrea Glasgow for their support throughout the process. An incredible effort from the Solicitor Ben Neary at Trowers and Hamlins meant the commercial term deal was progressed from offer to completion in only two weeks,"
"This deal is a testament to what is possible when all parties have the will to overcome obstacles and test the limits of our knowledge!”
Andrea Glasgow, Sales Director at HTB, added, “Partnering with Propp on this £16m refinance has been a fantastic opportunity to showcase what HTB does best - providing flexible, tailored solutions that help bring ambitious projects to life."
"The transformation of this semi-commercial building into 28 luxury flats is an exciting milestone, and we’re proud to support Propp as they move forward into the next stages."
"The speed, collaboration, and expertise from all involved have been key in getting this deal over the line quickly, and we look forward to continuing our partnership as this development unfolds.”
