Blackfinch Property funds £4.3m loan for Archway energy-efficient homes
Blackfinch Property, the Gloucester-based rapidly growing agile lender to the UK property market, has completed a £4.3m buy-to-let (BTL) refinancing loan for the completion of a collection of seven modern and energy-efficient homes contained by a gated closed mews in Archway London.
The 24-month deal from Blackfinch Property represents the firm’s fifth buy-to-let loan completed for the same longstanding client. The facility will be used to refinance the seven properties from a previous lender and repay other investments relating to property development, enabling the provision of newly built, energy-efficient houses in Archway, London, where there is a high demand for improved living standards.
In addition, all seven properties have been completed with an energy rating of B or above and come with energy performance certificates evidenced on file to comply with London’s low pollution targets and Blackfinch Property’s high environmental, social and governance (ESG) standards.
The development is a terrace of two and three-storey mews houses, each with a private patio and first-floor Juliette Balcony. Blackfinch has structured this deal with a loan-to-value ratio (LTV) of 70%, and the borrower will refinance onto longer-term debt as part of the exit strategy.
Nicola Mayes, Investment Manager at Blackfinch Property, commented: “We are delighted to have completed another deal with this highly experienced client and brokerage firm.
“The homes are prime examples of the sort of assets we want to fund, being high quality, newly built, energy-efficient buildings which are fully let out. The properties are in a high-demand central London borough, where there will be no shortage of prospective tenants.”