Two contemporary apartment blocks in West Essex have been refinanced using a €7.77m residential property investment loan from Secure Trust Bank (STB) Real Estate Finance (REF).
Developed by Prisma Property Developments, 47 units in the Mayflower and Bluebell House blocks of Harlow Flats will now open their doors to residents. Formerly a two-storey building comprising a Halfords Autocentre, a pharmacy and the Wych Elm House NHS clinic, the collection of one and two-bedroom apartments features fully fitted kitchens with integrated appliances and composite worktops, spacious bathrooms and en-suites with the added bonus of a private terrace or balcony.
The deal for the five-year residential property investment loan was led by David Burke, Relationship Director at STB REF, and the bank's existing working relationship with both the borrower and broker was key to sealing the deal within a space of three months.
Raj Shah of Prisma Property Developments added: "Harlow Flats is the latest addition to a thriving area, and we are proud to provide stunning accommodation to its newest residents. Harlow is one of the most accessible commuter towns for reaching London, all while playing host to several excellent leisure, entertainment, education and shopping facilities. Having previously worked with STB we were confident that, even with its complex nature, the deal was in the right hands."
David Burke, Relationship Director at STB REF, commented: "When we were first approached by the broker, we immediately knew the role we could play in helping to refinance a portion of the development's contemporary apartments. With years of experience in property finance, our team's expertise allowed us to successfully complete a complex deal. One challenge we needed to overcome was that at the time of drawing up the deal, there was an industry-wide issue with a backlog of applications at the Land Registry. Consequently, the properties couldn't be registered by the time the drawdown occurred. This meant we had to find a solution to mitigate the risk and, as a result, we employed specialist insurance policies to provide additional securities. Our tailored approach was essential to getting the deal done, and we are over the moon to see the apartment blocks open their doors to residents."
The deal was brokered by Dan O'Neill from SPF Private Clients (SPF)
Image source - Secure Trust Bank.
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