The deal is a 70% LTV residential product loan on a property located less than half a mile from the University of Central Lancashire campus in Preston.
Arbuthnot Specialist Finance (ASFL) has completed its first loan since launching in late May.
The deal is a 70% LTV residential product loan on a property located less than half a mile from the University of Central Lancashire campus in Preston. Positive Commercial Finance acted as intermediary between the client and Arbuthnot Specialist Finance.
Yasin Patel & Shoaib Bux, joint managing directors at Arbuthnot Specialist Finance, said: “We’re pleased to have been selected to provide the necessary property finance facilities, in order to achieve the purchase and refurbishment of vital student accommodation.
“In a short time, the team has shown that while ASFL can support larger, complex projects, we also have the infrastructure, short decision lines and certainty of funding to complete short dated auction proposals.”
John Waddicker, director at Positive Commercial Finance, added: “The team at ASFL were remarkably proactive in completing the deal and delivered tailored advice and support from start to finish. Good communication, swift decisions and a pragmatic approach.”
Steven Evan-Jones, partner at Fieldfisher LLP who advised ASFL, said: “Fieldfisher worked with ASFL during their initial set-up phase advising on their security package and loan documentation.
“We are therefore delighted to have supported ASFL on their first loan completion and are looking forward to a long and successful working relationship.”
The residential product loan assisted with the auction purchase of a ground floor commercial property with two separate houses in multiple occupation, (HMOs), above consisting of eight and six bedrooms respectively, 14 rentable rooms in total).
The client intends to complete a light refurbishment across both HMO properties. The two properties will be available to let ahead of the next academic year commencing in September 2019.
The client also intends to utilise the ground floor commercial unit as a letting agency for the residential properties above.
