New lending criteria also sees Blackfinch Property complete their largest development loan to date
Blackfinch Property has expanded their product range off the back of their continued growth, launching buy-to-let and commercial term lending to the market, alongside an increase in lending criteria for their existing range. They are delighted to announce the swift completion of three new buy-to-let loans totalling £3.7m in the first quarter, and the completion of their largest development loan to date, cementing their position as a leading investment manager in the specialist lending market.
The buy-to-let funds have been secured against three residential properties in central London, comprising of eight self-contained, fully occupied flats, all of which are situated in desirable locations close to local amenities and transport links.
Issued on 24-month loan agreements, the money will enable the borrower to refinance from a previous lender at a lower rate and will be used to increase the energy efficiency of the buildings to ensure all are in-line with incoming government standards.
Forming part of Blackfinch Property’s growing loan portfolio, which is diversified across regions and sectors of both residential and commercial investments, this latest announcement is reflective of the company’s commitment to investments that are put to good use, helping local areas and regional economies to thrive. As part of the new buy-to-let product offering, borrowers have access to lower rate development exit solutions, as well as lower interest rate incentives for projects that demonstrate an investment in energy efficiency improvements.
This follows a busy period of growth for the team which recently completed on its largest loan deal to date – a £14.8m deal that will facilitate the redevelopment of a brownfield site in Kent into 51 residential apartments – further to raising its maximum loan value to £25m last year.
Alongside buy-to-let loans, the Blackfinch Property team have also added commercial term lending in response to increased demand from developers and investors looking for specialist lenders with products not linked to the Bank of England base rate.
Nicola Mayes, Investment Manager at Blackfinch Property, said: “We are delighted to have completed on our first set of buy-to-let loans, brought to us by the fantastic team November Finance. These buy-to-let loans are one of a number of new products that we have brought to market over the last 12 months.
“Our team will now work closely with the borrower throughout the 24-month loan term to provide advice and support, as they look to improve the energy efficiency of their properties to bring them into line with incoming government standards.”
The Blackfinch Property team is made up of property investment professionals, as well as accountants and an in-house legal team which includes banking, property and construction lawyers. They form deep relationships with brokers, developers and borrowers around the UK who are committed to helping make a positive impact in real estate. Working in a pragmatic way, a dedicated deal team provide developers with fixed terms to provide certainty over the life of the project and help to realise the full value of the planned development.
David Higson, Head of Property at Blackfinch Property, says of the expansion: “I’m so proud of the growing team and their continued focus on adapting to the needs of our brokers and borrowers. Operating in times of fluctuating market conditions has seen those who really listen and evolve their practices come out on top. I’m delighted that our new expanded product range and larger lending criteria allows us to welcome more borrowers and brokers onboard and look forward to further growth in the year ahead.”
