Blackfinch Property has completed a refinancing buy-to-let loan of £4.3m.
The real estate arm of Gloucester-based investment company Blackfinch Group said the loan would enable the completion of a collection of seven modern and energy-efficient homes contained by a gated closed mews in Archway, London.
The 24-month deal represents the firm’s fifth buy-to-let loan completed for the same longstanding client. The facility will be used to refinance the seven properties from a previous lender and repay other investments relating to property development, enabling the provision of the homes.
In addition, all seven properties have been completed with an energy rating of B or above and come with energy performance certificates of their compliance with London’s low pollution targets and Blackfinch Property’s environmental, social and governance standards.
The development is a terrace of two and three-storey mews houses, each with a private patio and first-floor Juliette Balcony. Blackfinch has structured this deal with a loan-to-value ratio of 70%, and the borrower will refinance onto longer-term debt as part of the exit strategy.
Nicola Mayes, investment manager at Blackfinch Property, commented: “We are delighted to have completed another deal with this highly experienced client and brokerage firm. The homes are prime examples of the sort of assets we want to fund, being high quality, newly built, energy-efficient buildings which are fully let out. The properties are in a high-demand central London borough, where there will be no shortage of prospective tenants.”
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