Blackfinch Property, a rapidly growing agile lender to the UK property market, has completed an £8.9m loan on 18 units in Haringey and Islington, North London.
The 24-month deal, representing the fourth buy-to-let loan completed in quick succession following the launch last month, 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 to the much-needed central London area.
The in-house legal team provided by Blackfinch Property were key to the completion of the loan. Working together with all parties, the team were 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, the provision of 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, says: “We are really pleased to have completed our fourth buy to let loan, demonstrating our commitment to our newly launched product. 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.”
At the start of the year, Blackfinch Property announced the latest expansion to their product range, with the inclusion of commercial term lending alongside the new buy-to-let offering. This was in addition to an expansion in their lending criteria, in response to a record year of growth in 2022. Blackfinch is proud to screen all investment opportunities against criteria that will deliver Environmental, Social and Governance (ESG) benefits, as seen in their January announcement of financing a residential development that includes affordable housing.