LHV Bank has completed a £7 million commercial investment loan to refinance debt secured against a multi-let office building in Manchester city centre.
The loan also provides the borrower with stability for ongoing asset management.
The loan facility was arranged for a private Manchester-based family office which operates as part of a syndicate of experienced investors.
The property, a Grade A freehold period building, benefits from its central location, close to key amenities and transport links, and features a diverse tenant mix across office and retail spaces.
The transaction was introduced by Paul Wilcox, director at GDP Funding, a central Manchester-based brokerage, and involved a tailored funding solution including a 68% LTV interest-only loan facility over a five-year term.
LHV managed to overcome the case’s key challenges, including an imminent loan expiry and wider economic uncertainties in the UK office market.
Michael Thompson (pictured), lending director at LHV Bank, said: “We are proud to have partnered with GDP Funding to support this refinancing for a highly regarded family office.
“The property’s excellent location and the borrower’s proven asset management expertise made this a strong proposal. This loan reflects LHV Bank’s ethos to provide bespoke solutions that deliver the best outcome for the customer.
“We’re excited to see this property continue to deliver strong returns under experienced management.”
Wilcox added: “This was a vital refinancing for our client, and it has been an absolute pleasure working alongside LHV Bank to deliver such a well-tailored funding solution. Their collaborative approach, combined with a deep understanding of the commercial property market, made the entire process seamless.
“Together, we’ve enabled our client to focus on unlocking the property’s full potential.”
