Hilco Real Estate Finance (HREF) has provided a £5.3m bridge loan to Manchester-based property developer, Shenton Group.
The loan was delivered at 70% loan-to-value (LTV) with a 24-month term, refinancing existing facilities and releasing equity to enable the borrower to acquire additional property.
The loan was secured on various assets, including co-living, leisure, office, and residential properties.
The deal was introduced to HREF by David Rainford of accountancy firm Cowgills, with valuations provided by Savills and CBRE.
Marie Pugh of Clarion Solicitors led the legal due diligence, while Kuits Solicitors advised Shenton Group.
Patrick Davenport-Jenkins (pictured), vice president at HREF, 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!”
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