Gloucester business completes £8.9m loan for London housing
By Sarah Wood | 3rd March 2023
Gloucester-based Blackfinch Property has completed an £8.9m loan on 18 units in North London.
The 24-month deal is the fourth buy-to-let loan completed in quick succession following the launch last month, and is structured to provide preferential rates in return for the improvement of Energy Performance Certificate (EPC) ratings of the properties to bring them in line with government standards.
Blackfinch Property, part of Blackfinch Group, an investment manager committed to helping individuals, businesses and communities to thrive, appraised the deal as an opportunity to provide high quality, newly built, energy efficient properties in Haringey and Islington.
The in-house legal team provided by Blackfinch Property was able to complete the deal to provide funding in just three weeks from signing the term sheet. With interest rates decoupled from fluctuating Bank of England base rates, a lower rate loan has secured a cost-effective solution to helping provide the necessary housing stock for the local community.
Nicola Mayes, investment manager at Blackfinch Property, said: "All members of the team pulled together to turn the deal around within an extremely short timeframe, delivering for a repeat borrower and highlighting our commitment to building long-lasting relationships with brokers and clients."
Blackfinch screens all investment opportunities against criteria that will deliver Environmental, Social and Governance (ESG) benefits.
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