Lendhub bolsters into Q4 with two refurbishment loans totalling £12m
The first £6m facility, agreed at 64% LTGDV and 58% LTV on an 18-month term, enabled the client to convert two adjoining period buildings in Kensington, London, from HMOs to residential units.
The transaction was relatively straightforward, with some additional lead time permitted for minor planning enhancements and to finalise contract arrangements.
The second £6m facility, completed at 70% LTGDV and 75% LTV on a nine-month term, allowed the borrower to purchase 10 residential properties in north-west London and cover the cost of converting the dwellings into HMOs. Asim Shirwani, Chief Commercial Officer at Lendhub, said: “While we love deals of all shapes and sizes, I’m both extremely pleased and proud of what the Lendhub team managed to achieve under tight time pressures to get these facilities over the line for our clients.“Deals as large and layered as these always have several moving parts so this truly is a testament to our team and industry partners that we are able to execute these week in and week out.”