Hampshire Trust Bank (HTB) has completed a £25m deal with GMV Twelve for a new neighbourhood in Leeds.

The funding will be used to build the Kirkstall Forge suburb in western Leeds, by refinancing and restructuring Commercial Estate Group’s (CEG) secured debt facilities across the site.

The new community will comprise 1,400 homes, offices, hospitality and leisure venues, as well as a nursery and transport infrastructure.

The case was introduced to HTB by LEXI Finance, following a comprehensive tendering process. The complex case, which came with security documents spread across three different jurisdictions, including Jersey and Gibraltar, five legal teams and a complex corporate structure.

HTB secured a “quick turnaround” to deliver the funds required, with the borrower able to move forward with planning consent for the full scheme.

Head of origination of development finance at HTB, Rob Syrett, said: "It was a real pleasure to work with both CEG and LEXI on such a flagship scheme as Kirkstall Forge. The deal allowed HTB to once again demonstrate its commitment and ability to support groundbreaking schemes with complex structures to achieve a positive outcome for all parties.

"We strive to deliver a best in class service and are absolutely committed to supporting clients such as CEG with the development of landmark schemes across Britain and we look forward to continuing to work with them to deliver the project."

Director at LEXI Finance, Sam Le Pard, added: "We conducted a rigorous tender process on behalf of CEG with HTB quickly demonstrating themselves as the most competitive partner and a like-minded counterparty. Like any large land transaction, the deal had its complexities, however HTB demonstrated exceptional commercial acumen in their efficient execution of the loan.

"We’re proud to have played a small part in the site’s history, unlocking CEG’s vision for a legacy project that will make a huge mark on the local community. Every party in this transaction displayed the utmost professionalism in getting the transaction across the line within fairly tight time constraints."

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