Blackfinch Property has announced the completion of a £400k commercial mortgage to refinance two retail units located in North Finchley and Hemel Hempstead. The units are part of larger mixed-use properties owned by the borrower.

The 24-month loan, completed in December ensured the borrower could benefit from lower rates on the residential-only parts of the properties, while retaining the retail components within a separate commercial mortgage. The deal was completed within two weeks of receiving the borrower’s information and against a tight pre-Christmas deadline from the other lender involved.

The property in Hemel Hempstead comprises a part-ground floor, part-basement retail unit used as a coffee shop on a prominent position within the High Street. The property in North Finchley is a part-ground floor retail unit on a corner position forming part of a larger apartment building.

The Hemel Hempstead property has an EPC E rating, while the North Finchley property has an EPC D rating. The borrower has been incentivised to improve these during the loan period, with proposed enhancements including wall insulation, secondary glazing, and updated heating systems.

Jason Wong, Assistant Investment Manager, at Blackfinch, commented, “We are delighted to have completed our latest deal with the borrower. Blackfinch Property’s ability to provide flexible funding solutions has enabled the borrower to achieve an efficient funding structure across its mixed-use portfolio. We look forward to continuing our relationship with Glencar in the future and supporting its mission to develop modern and sustainable real estate across the UK.” 

Blackfinch Property is a fully-funded provider of innovative short-term bridging and development financing solutions. For more information, email [email protected]