StreamBank has completed a £584,500 bridging loan to refinance a London warehouse and fund the refurbishment of four residential flats.
The borrowers, experienced London-based business owners with a mixed-use property portfolio, sought funding via their broker against a warehouse valued at £945,000.
The property was held by a PropCo, with rent paid by an associated OpCo.
The loan enabled repayment of an existing £70,000 mortgage on the warehouse while releasing capital for refurbishment works. StreamBank provided the facility at 65% LTV based on market value subject to tenancies, supported by detailed management information from the operating company.
The deal was agreed at a rate of 0.84% per month, with repayment to come through a commercial term refinance from a challenger bank.
Roz Cawood, managing director of lending at StreamBank, said: “The success of this case came down to a combination of underwriting expertise and deep business understanding.
“By taking the time to assess the OpCo’s strong trading position and cashflow, our team was able to leverage market value – subject to tenancies – to secure a higher loan amount. This allowed the client to meet both their refinancing and refurbishment goals.
“It’s a great example of how StreamBank applies commercial knowledge to deliver the right solution.”
