Hampshire Trust Bank (HTB) Specialist Mortgages has announced the completion of a complex £1.7m development exit loan for a PD scheme based in Poole, Dorset. The facility was brokered by Bluechip Financial.
The 12-month facility, which was to refinance the remaining 7 flats of a 13 flat conversion of a PD scheme, enabled the client to enjoy a better rate than with their previous lender and provide a comfortable window in which to market the remaining units.
Alex Upton, pictured, Commercial Director, Specialist Mortgages at HTB 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. This particular scheme is top quality from a top developer. Combine this with the fantastic Bluechip Financial, add a sprinkle of HTB expertise and we have a great deal that gives the borrower better terms and flexibility to allow them to maximise their potential.”
Nick Roberts, Director, 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”.