Redwood Bank has completed the refinance of a Grade II-listed building in Hereford, delivering a £798,000 facility in partnership with Merryoaks Property Finance.
The high street property, which has been converted into 10 residential flats with a retained commercial unit, required a bespoke solution due to its listed status, intercompany lending structure and a demanding turnaround time.
Mark Dobson (pictured), head of business development (South and London) at Redwood Bank, said: “This was a complex case involving multiple layers – intercompany lending, a listed building and the need for a fast turnaround.
“Not every bank would take on a structure like this – but Redwood Bank did, and we will continue to support brokers and clients with bespoke, flexible lending solutions.”
Redwood structured the finance on a 10-year interest-only term, fixed for the first five years at 6.49%, with a 2% arrangement fee. The loan then converts to a 20-year capital and interest repayment, giving a total 30-year term.
“The borrower also qualified for the bank’s Green Cashback Reward, paid on completion, in recognition of the property’s strong environmental performance.
Dobson added: “We worked under tight timelines, but the collaboration between Redwood, Merryoaks, the client and the solicitors involved was seamless. This deal is a testament to the strong relationship now built between Redwood and Merryoaks.
“I’m incredibly proud of the team who ensured a smooth completion under significant pressure.”
The transaction was structured as an intercompany sale, with the asset transferred to the client’s investment entity. Feldon Dunsmore Solicitors acted on a dual representation basis to support completion.
George Melling, head of bridging and commercial at Merryoaks, said: “This deal was a fantastic example of what can be achieved when everyone pulls in the same direction.
“Redwood’s willingness to understand the client’s structure, their pragmatic approach, and their speed of execution made all the difference.
“It’s been a real pleasure working with a lender that genuinely values relationships and results. With their outstanding legal team also involved, this marks signs of a strong and lasting partnership.”
