Hampshire Trust Bank (HTB) has provided a £12.5m bridging loan deal for a complex transaction involving two land sites in Nottingham. The client was looking to pay off existing private funders and a previous shareholder in the business. Security for the loan consisted of two land sites with consented planning, granted in response to the shortage of student beds in the city. The case was complex, entailed two different UK-based SPV borrowing entities, both held under the same group structure and with the same underlying applicant, an experienced UK property/land investor and developer. The bridging facility was required to repay the existing loan facility, which had been used to acquire the sites but had come to the end of the term. HTB provided two, first charge bridging loans, one to each SPV, for £8.82m and £2.71m respectively at 65% LTV.

Fleet Mortgages has cut rates on selected tracker and green tracker products, as well as a number of two-year fixes. The lender has cut rates by 50 bps on standard and limited company tracker products with the tracker reduced to BBR plus 1.25%, starting at 6.50%. The green tracker, for properties with an EPC rating of A-C, reduced to BBR plus 1.15%, currently 6.4%. All Fleet’s tracker and green tracker products are available up to 75% LTV, with a 2% fee (minimum of £750) and have no early repayment charges (ERC). Fleet has also cut rates across its standard and limited company two-year fixed-rate products, starting at 5.24%, available up to a 75% LTV. The products come with a 3% (minimum of £750) with an ERC of 3% in the first year and 2% in the second.

CHL Mortgages has expanded its product offering, which is organised into two ranges, CHL 1 and CHL 2. The new standard buy-to-let range is now available on the CHL 1 product, with a rate of 3.65% for a two-year fix up to 65% LTV. The standard BTL range consolidates the previous individuals and limited company ranges, now providing a comprehensive set of products that caters for a variety of customer situations. The two-year fix is available up to 70% LTV at 3.72% and 75% LTV at 4.90%. The CHL 2 product range has more flexible criteria that caters for a wider variety of clients and complex property types. It offers products including standard buy-to-let, small and large HMO/MUFB, short-term lets and the refurbishment range. The two-year fixes under CHL 2 are available from 5.40% and 6.42% at 70% and 75% LTV respectively. The five-year fix is available at 5.27% and 6.26% at 70% and 7% LTV respectively.

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