Specialist bridge lender, Hilco Real Estate Finance has announced that it has provided a £5.3m bridge loan to Manchester-based property developer, Shenton Group.
The loan, which was delivered at 70% LTV with a 24-month term, has refinanced existing facilities and released equity, enabling the borrower to acquire additional property. As such, the loan is secured on a variety of assets, including co-living, leisure, office, and residential properties.
The deal was introduced to HREF by David Rainford of accountancy firm Cowgills, with Savills and CBRE providing valuations, and Marie Pugh of Clarion Solicitors leading the legal due diligence. Kuits Solicitors provided legal advice to Shenton Group.
Manchester based Patrick Davenport-Jenkins, vice president at HREF, who originated and led the loan, said: “This transaction again demonstrates our flexibility to structure complex loans as well as our ability to properly underwrite a variety of asset classes, something that many other lenders are unable to provide. The loan will bring further economic development to the North West as well as giving time and optionality to the borrower.”
Colin Shenton, CEO of Shenton Group, said: “I am delighted to get our first deal with Hilco Real Estate Finance over the line. The whole team was commercial, responsive and worked hard to complete in good time. Thanks also to Cowgills, Clarion, Kuits, Savills and CBRE. On to the next!”
