Complex Buy To Let
HTB completes £1.7m loan for student accommodation property
Hampshire Trust Bank’s (HTB) Specialist Mortgages division has completed a £1.7m complex loan for the purchase of a block of student flats.
The loan was for a Kenyan investor who resided between the UK and Kenya. They were introduced to the lender by Kenyan consultancy firm Waugh McDonald Wealth Management.
The property was a Grade 2 listed development with 10 flats and a total of 32 rooms in Newcastle, just outside of St James. The loan took six weeks to complete.
Alex Upton, sales director at Specialist Mortgages, said: “It is simple for a bank to market foreign national lending, but seamless and sustainable delivery is another matter especially against the tight timetable needed for this purchase.”
John Dixon, broker at Intelligent Commercial Finance, added: “Rarely have we seen such dedication, specialist know-how and efficiency from a commercial lending bank when challenged with what was a highly complex and technical case.
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“The team at HTB tackled the difficult bits first, dealt with problems quickly, used efficient systems and processes and worked with professional cheerfulness throughout.”