The facility — agreed at 66% LTGDV over a 25-year term — was used to refinance an existing development loan which had originally enabled the developer to complete the conversion of a former RBS building into 12 one-, two- and three-bedroom properties, and three commercial units.
The deal was introduced to Redwood Bank by Danny Carter, managing director at UK Financial Consultancy Services Limited.
- Property investors face 'huge risk' of stranded assets if they fail to decarbonise
- Redwood Bank helps secure future of London office block
- Maslow Capital deploys £20m loan for Legacie Developments' mixed-use scheme in Salford Quays
Sue Young, business development manager at Redwood Bank (pictured above) said: “We were thrilled to be able to support a veteran property investor in bringing housing to Warrington town centre.
“Having worked closely with Danny for many years, Neil [Trainer, director at Buttermarket Properties] was able to place his trust in Redwood Bank and allow us to move swiftly to come up with a solution that worked for all parties.”
Neil added: “I’ve been impressed by the can-do attitude shown by Sue and the Redwood team.
“They find solutions to make things happen and the proactive approach has ensured a swift deal which, in the current property market, is vital.”