Brokered by Surrey-based intermediary Bespoke Business Finance, the facility, which has a loan to value of 60%, will refinance an existing investment property releasing some of the equity for a new acquisition.
Steve Williams, partner at Bespoke Business Finance, said: “Our client needed the funds within a very testing time frame. In the space of two weeks we were able to complete valuations, arrange for our client to meet with the bank and complete the necessary legals in order to draw down.”
Colin Bell, managing director of commercial mortgages at Hampshire Trust Bank, said: “We are delighted that we were able to help this investor access the funds he needed to secure his next project.
“Our Developer Exit Finance offering is designed to enable property professionals to move on quickly to their next development or refurbishment project, ensuring they don’t miss out on opportunities.”
In August, Hampshire Trust Bank expanded its commercial mortgage department with the recruitment of three underwriters to assess applications across its SME-finance, buy-to-let, bridging and commercial divisions.