The 70% LTV residential product loan was for a property located less than half a mile from the University of Central Lancashire campus in Preston.
The loan supported the auction purchase of a ground-floor commercial property with two separate HMOs above, with the client planning to complete a light refurbishment across both HMO properties.
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They will be available to let from September 2019, ahead of the new academic year.
It is planned that the ground-floor commercial unit will become a letting agency for the properties above.
Yasin Patel and Shoaib Bux, joint managing directors at Arbuthnot Specialist Finance, said: “We’re pleased to have been selected to provide the necessary property finance facilities in order to achieve the purchase and refurbishment of vital student accommodation.”
Positive Commercial Finance acted as the intermediary between the client and Arbuthnot Specialist Finance.
John Waddicker, director at Positive Commercial Finance, said: “The team at ASFL [was] remarkably proactive in completing the deal and delivered tailored advice and support from start to finish.
“Good communication, swift decisions and a pragmatic approach.”
Steven Evan-Jones, partner at Fieldfisher LLP, who advised ASFL, added: “Fieldfisher worked with ASFL during [its] initial set-up phase, advising on [its] security package and loan documentation.
“We are therefore delighted to have supported ASFL on [its] first loan completion and are looking forward to a long and successful working relationship.”