Blackfinch Property, a rapidly growing agile lender to the UK property market, has completed refinancing loans totalling £6m on behalf of Glencar, the institutional contracting firm, including a £4.6m refinancing loan for an apartment complex comprising 20 flats and a retail unit in North Finchley, London and a £1.4m refinancing loan for three industrial units in Banbury, Oxfordshire.
The £4.6 refinancing loan for the modern apartment block providing high-quality rental accommodation enables the borrower to hold the asset.
The £1.4m refinancing for the commercial units in Banbury, Oxfordshire is against a site which was recently developed by the borrower. The property includes an ecology area of natural land and incorporates carbon-friendly features including electric car charging points and bicycle racks.
The units on both real estate developments are all tenanted, with the income being used to service the interest on the loans. Both loans were written using the Commercial Term loan product launched earlier this year by Blackfinch Property.
**Phil Downie, Blackfinch Property investment manager said: **“We are delighted to close these two loans secured on high quality, modern and sustainable real estate owned by Glencar.
These loans continue our growth in the commercial term loan market, with the transactions closing seamlessly, thanks to the professionalism of Glencar and our in-house legal team. Now that the deal terms are set-up and working well, we look forward to doing more business in the future together, as Glencar and Blackfinch Property respectively continue to grow.”
Blackfinch is proud to screen all investment opportunities against criteria that will deliver Environmental, Social and Governance (ESG) benefits. All of the apartments on the North Finchley site are rated EPC C or above and all units on the Banbury site, which is close to an area of ecological importance, are rated EPC B or above.