A client needed to secure refinance for 350 student bedrooms across Yorkshire, including at prestigious university quarters at Hull and Nottingham Trent universities. A £24.9m loan was required, £20m of which was a 10-year facility fixed for five years, interest-only commercial investment.
All of the properties are student accommodation previously mortgaged with us that have been refurbished and finished to a high standard.
A huge deal such as this can cause potential stress for a borrower; however, all large cases go through with the assistance of our High Net Worth Team and approval from our internal Transactional Credit Committee (TCC). This quickly establishes whether additional requirements are needed, and the broker receives confidence in our support.
For further reassurance, TCC approval takes place before valuation is instructed, meaning clients only pay for valuations if we can take a case, potentially saving them substantial amounts of money. Working collectively with the panel, the client, the solicitors and broker, the team were able to complete the deal smoothly.