Lendhub has provided its largest loan to date, a £13m facility for the refinance of a 15-property portfolio.
The borrower, an experienced property professional who has amassed a sizeable property portfolio and established a successful estate agency firm, was introduced to the specialist lender by Mantra Capital.
The funding was required so that the investor could refinance their portfolio, which includes a number of HMOs and land with planning permission, so that they could exit their existing facility which they were experiencing issues with.
The transaction was complex due to the number of short leasehold properties and legal intricacies.
The six-month loan was agreed at 70% LTV, and was arranged within three weeks from application to completion.
“We were extremely pleased to be approached by Mantra which had the confidence in Lendhub to deliver for its client,” said Christopher Adamou, managing director at Lendhub.
“The Lendhub team, alongside our partners Howard Kennedy and BNP Paribas, pulled out all the stops to deliver in such a tight timeframe.”
Nick Neophytou, managing director at Mantra Capital, added: “When such a large funding requirement is needed, experience, knowledge of the market, and excellent working relationships with lenders are key to providing rapid and exceptional service to clients.
“We have worked with Lendhub since its inception and, having previously joined forces on many complex and often time-critical deals, we knew it had the expertise required to get this deal over the line.”
The record loan follows a period of rapid growth for the lender, which announced five new hires during the peak of lockdown.
In November 2020, Lendhub launched two new bridging products with fixed valuation and legal fees, providing up to 100% of refurbishment costs.