The deal was brokered by Surrey-based Bespoke Business Finance with the funding, which has an LTV of 63%, being used to pay off an existing bridging loan with another provider.
Hampshire Trust Bank’s Commercial Mortgages team has provided a £600,000 refinancing facility against a commercial premises in South West London.
The deal was brokered by Surrey-based Bespoke Business Finance with the funding, which has an LTV of 63%, beingused to pay off an existing bridging loan with another provider.
Jamie Dunckley, owner of Bespoke Business Finance, said: “The end client recently secured a new tenant and wanted long-term funding to restructure the debt over an appropriate term, on a more cost effective basis.
“While the tenant is a relatively young business Hampshire Trust Bank took a commercial view, funding against the investment value of the new tenant lease rather than vacant possession. This enabled the client to secure adequate funding to repay the bridging finance and cover fees attached to the loan. As a result, their debt servicing cost reduced dramatically.”
Andy Reid, head of business development commercial mortgages at Hampshire Trust Bank, added: “We are focused on building strong relationships with our brokers, creating partnerships that benefit the end customers by helping to ensure they get balanced decisions for complex cases within a defined timeframe.”