Hilco Completes £5.3MM ($6.9MM) Bridge Loan for Manchester Property Developer

Hilco Real Estate Finance (HREF), a specialist bridge lender, provided a £5.3 ($6.9) million bridge loan to Manchester-based property developer, Shenton Group._x000D_
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The loan, which was delivered at 70% LTV with a 24-month term, refinanced existing facilities and released equity and was designed to enable the borrower to acquire additional property. The loan is secured on a variety of assets, including co-living, leisure, office and residential properties._x000D_
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The deal was introduced to HREF by David Rainford of accountancy firm Cowgills, with Savills and CBRE providing valuations, and Marie Pugh of Clarion Solicitors leading the legal due diligence. Kuits Solicitors provided legal advice to Shenton Group._x000D_
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“This transaction again demonstrates our flexibility to structure complex loans as well as our ability to properly underwrite a variety of asset classes, something that many other lenders are unable to provide,” Patrick Davenport-Jenkins, vice president at HREF, who originated and led the loan, said. “The loan will bring further economic development to the North West as well as giving time and optionality to the borrower.”_x000D_
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“I am delighted to get our first deal with Hilco Real Estate Finance over the line,” Colin Shenton, CEO of Shenton Group, said. “The whole team was commercial, responsive and worked hard to complete in good time. Thanks also to Cowgills, Clarion, Kuits, Savills and CBRE. On to the next!”