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CaseStudy

Property firm's growing portfolio given a boost thanks to refinance package

THE SITUATION 

The property investment business sought a loan to allow it to release equity from seven properties valued at just over £1.7m. Six were HMOs (houses in multiple occupation) and one a two-bedroom house let to a single tenant. Four of the properties are located in Birmingham, with the others in Leicester, Worcester and Gloucestershire.  

All seven properties are let to an agency which provides housing association accommodation. The property investment business required a refinance package to enable the company to invest in further properties, which will be let to the same agency. 

THE SOLUTION 

Redwood worked closely with Neil Chambers from Sirius Property Finance Ltd and offered the property investment business a loan of £1.2m.  

This allowed the customer to refinance the properties to secure equity release and continue to develop its property portfolio and future investment.  

THE EXPERIENCE 

The property investment company approached Redwood in view of their expertise for portfolio finance. In addition to increasing the loan amount from the original request, the company has since approached Redwood to discuss other opportunities similar to this one.  

Neil Chambers, Broker at Sirius Property Finance said "I was delighted to get the first completion with Redwood Bank under our belts. We finalised a £1.2m facility across a rather complex mixture of care accommodation and HMO’s. With the help of both Mark Dobson & Edward Shannon, they made it possible, always being on hand to chase through Credit requirements and lastly the legal process to get the drawdown over the line."

Mark Dobson, Redwood’s Head of Business Development, South Region, said: “It was great to work closely with Neil and the experienced property investor to complete on this refinance package which allows them to secure further investment properties in line with the growth of the business.”
 

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