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Grade II Listed Re-finance

LTV: 75%

Term: 6m

Loan: £2,448,000

Property: Large empty commercial unit

Issue

The client was looking to re-finance two existing bridging loans, which were with another lender and were now over term. The first was for a commercial property, the other, a residential.

The commercial re-finance was fairly problematic as it was Grade II listed and despite having planning to convert into a residential property, there were some other legal issues holding up the project due to the building’s previous ownership and listed status.

Hope Capital’s solution

In order to help the client move along, Hope Capital agreed to accept a new valuation by an off-panel surveyor as the client had had an inspection done a month previously. Hope capital proved flexibility by accepting a 2nd charge behind a 1st charge, which is very unusual and has only been agreed a few times before.

Result

There were lots of legal issues to overcome, but Hope Capital took a very commercial view on the project and decided to move to completion as soon as possible and were able to provide a quick and efficient service on a very complicated re-finance deal.

“It was a pleasure to deal with the whole team at Hope Capital whose professional, flexible and speedy service was crucial throughout what could potentially have been a very complex drawn out process” Tom Reynolds, Carbon