Legacy refinance and capital raise for 100-unit development

A milestone deal, this was the most units we’ve ever funded on a single site.  We’re proud to support a husband-and-wife team of passionate property investors, who have developed and renovated over 2,000 properties! 

They needed to refinance an existing facility with another lender and raise £300k for essential cladding work at another property. Not only could we offer a better rate, but we also gave them the flexibility to release the equity they needed.

The development consisted of 100 flats across five blocks in a gated site in Sheffield. This has been in the customer’s hands for over 20 years, and it took over seven years to obtain planning to develop it. It’s more than just a property to them; it’s a legacy they lovingly built and plan to pass on to their stepdaughter.

With both customers in their 70s, we worked closely with them to overcome concerns around succession and capital gains tax. There were other challenges too, from demonstrating affordability to ensuring the valuation process ran smoothly. Senior Relationship Director, Sue Lewis went above and beyond to regularly speak with the customers and broker during evenings and weekends to keep everything on track.

Thanks to early solicitor instruction and brilliant teamwork, especially from Kevin Tinmouth in Underwriting and Amy Bristow in Completions, we were ready to go as soon as the offer was issued; completing just eight days later. This one was all about staying close to the customer, truly understanding what mattered to them, and working together to make it happen.