Complex Buy To Let
Hampshire Trust Bank completes £1.7m complex development exit refinance deal
Hampshire Trust Bank has completed a £1.7m development exit loan for a permitted development (PD) in Dorset.
The deal was brokered by Bluechip Financial.
The 12-month facility, which was to refinance the remaining seven flats of a 13-flat conversion, provided the borrower a better rate than with their previous lender.
Alex Upton, commercial director, specialist mortgages at Hampshire Trust Bank (pictured), said: “We have always said, there are PD schemes and then, unfortunately, there are PD schemes.
“Some are excellent assets that provide a much needed boost to the supply of homes and some are so bad that they aren’t fit for human habitation.
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“This particular scheme is top quality from a top developer.”
Nick Roberts, director at Bluechip Financial, added: “Bluechip and HTB have a long-standing relationship since their specialist mortgage business started, it has been great to see the business evolving and improving over recent months and years.
“HTB provided my clients with a pragmatic and solution-led decision quickly and efficiently, in somewhat complex circumstances.
“I have dealt with my underwriting contacts at HTB for many years and their understanding of situations and ability to think laterally to create workable solutions is, and always has been refreshing.”