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06 October 2016 | Development Mortgages

Refinance for London holiday let portfolio

The owner of a portfolio of self-catering apartments in South London, was recently assisted with a refinance facility to repay a number of different existing arrangements. These included a high interest bridging loan used for refurbishment.

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Matt Kavanagh, Finance Consultant at Christie Finance helped our client, Sue Ardley, find the right package to support Glenthurston Apartments. The group of 12 apartments have been purchased and refurbished over time since 1998. The apartments are targeted at short-stay international holidaymakers and corporate visitors.

These apartments are split across two large Victorian houses and took their first booking through the London Tourist Board’s website for a family from Australia and demand has been growing ever since.

The deal did have its complications with a bridging loan close to the end of its 3-month term; Matt also had to overcome the challenges of needing the lender to take into account projected income based on the new refurbished apartments.

Commenting on the deal, Matt said, “I’m delighted to have helped Sue with arranging refinancing for her business. Whilst this deal had its hurdles and tight deadlines, we were able to get the deal in front of the right people to obtain a highly competitive deal that will help this long established business progress further.”