Approved Finance Group Secures £14 Million to Refinance Bridge Loan for Social Housing Portfolio
- Laurie Baugh
- 2 days ago
- 2 min read
Approved Finance Group is proud to announce the completion of a £13.97 million refinance facility for a client owning three substantial blocks of flats, primarily used for social housing. This transaction marks another milestone for the firm - adding to our growing portfolio of deals exceeding £10 million.
The borrower initially acquired the property using a short-term bridge loan. Upon recognising the need for a more robust and sustainable long-term finance solution, they engaged with our Property Finance team, who delivered a tailored outcome—quickly and effectively.
We were able to secure a market-leading 70% Loan-to-Value (LTV) facility, leveraging the Open Market Value rather than the more restrictive Vacant Possession basis many other lenders were insisting upon. This enabled our client not only to repay the bridge loan in full but also to raise additional capital for working capital purposes - delivering genuine value where others could not.
The transaction was structured on a 5-year fixed rate at 7.25% and completed within an impressive six-week turnaround from initial application to funds release. In fact, this deal represents the largest facility ever written by the lender involved - underscoring both the quality of the transaction and the calibre of our partnership network.
Our Head of Property - Laurie Baugh commented:
“I was pleased to complete this transaction in a short space of time following the introduction from within the Approved Finance Group. The completion resulted in being the lender’s largest ever deal written to date and we are obviously thrilled to have worked with the lender and their professional team to execute the transaction with minimal fuss.”
Transaction Highlights:
£13.97m refinance facility
70% LTV against Open Market Value
Repaid existing bridge loan plus capital raise
Fixed for 5 years at 7.25%
Completed within 6 weeks
Lender’s largest transaction to date
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