Redwood Bank has completed a challenging refinance deal for a seasoned property investor, enabling the client to restructure the debt on a £1.22 million block of flats in Wrexham.
The transaction, which involved intricate legal and title complications, was facilitated in partnership with Knights, acting as dual-representation solicitors, and brokers B2B Finance.
The investor, who had previously used a development loan to refurbish 24 apartments in the building, had already sold 13 of the units. Seeking to refinance the remaining 11 flats, the client turned to Redwood Bank for a long-term funding solution.
The deal presented several legal hurdles. The properties were spread across two leasehold titles, both of which were defective and required correction. In addition, the borrower held the freehold to the building, adding an extra layer of legal complexity to the refinancing process.
Redwood’s credit operations team worked in close coordination with solicitors at Knights to resolve the issues surrounding the leases and freehold structure. Knights acted for both lender and borrower, enabling the legal work to progress more efficiently.
Andre Parcian (pictured), head of business development (Midlands and Wales) at Redwood Bank, said B2B Finance had anticipated the complexities of the case and trusted Redwood to see it through. “Our credit operations team’s tenacity and experience meant we could work through the legal challenges and ensure the refinance proceeded smoothly,” he said.
“We’re proud to have partnered with Knights to deliver this result and continue supporting experienced investors to grow their portfolios.”
The bank provided a loan of £934,065 on a 20-year interest-only basis, representing a loan-to-value ratio of 76.5%. The funding also qualified for Redwood’s Green Cashback Reward scheme, as most of the apartments carried an EPC rating of C.
Rebecca Jones, of B2B Finance, said Redwood’s handling of the case exemplified their specialist lending expertise. “Redwood Bank is one of our most trusted lending partners, with a clear understanding of the needs of experienced property investors,” she said. “Their specialist approach and ability to handle complex cases really set them apart.”
She highlighted the work of Carla Santos from Redwood’s credit operations team, who coordinated efforts between the lender, borrower and legal advisers. “We truly valued the proactive and collaborative support throughout the process,” Jones added.
Chloe Arnold, of Knights, said the legal team had worked closely with Redwood to correct the defective leases and ensure the title issues were resolved. “We provided a positive resolution for the client that enabled the deal to proceed,” she said. “By working closely with Redwood, we offered the client a streamlined approach which made the whole process much more straightforward for them.”
