A 17th century manor house in Hertfordshire has been refinanced following a £6.8m residential property investment loan from Secure Trust Bank (STB) Real Estate Finance.
Clare Hall Manor, a Grade II-listed property built in 1725 but recently redeveloped by Manor Co Living Limited, is adjoined by a new build comprising 40 luxury studios and a host of communal areas. Amenities include a cinema room, a coffee lounge, a gym, library, common room, and a dining hall available to all residents.
Located in South Mimms village, the property is a 10-minute drive from Potters Bar train station; ensuring residents can reach London Kings Cross in 20 minutes while enjoying the benefits of countryside living.
The five-year residential investment facility, completed at a 64% LTV, was headed up by Raminder Dhillon, Relationship Director at STB Real Estate Finance, and was finalised in just 16 working days from sanction.
Raminder said: "We are delighted to have sealed the deal in such a short space of time. Our tailored approach, which included a site visit to Clare Hall Manor, was crucial to completing the deal in early May following the initial enquiry we received in March.
"Our expertise in property finance helped us to understand the borrower's unique requirements and allowed us to collaborate effectively as a team. We are often tasked to work with tight turnarounds and this deal's success is testament to the commitment and experience of both parties."
The £6.8m residential investment loan will help the property's developer to release funds for other projects while continuing to revamp a historic building that had been a private residence, a Catholic nunnery, and a hospital, at various points in its storied past.
Cyril Ogunmakin, Director at Manor Co Living Limited, said: "Having been re-introduced to STB through brokers REFC, we immediately knew that this deal was in a safe pair of hands. Raminder and the team understood our desire for a swift completion, and we are delighted to have got the deal over the line in little over two working weeks.
"STB's visit to Clare Hall Manor was a personal touch to a deal that truly showed them to be a relationship-led bank. This undoubtedly contributed to the seamless process of refinancing a remarkable manor house perfect for professional tenants."
Acting on behalf of the bank for this loan was solicitors HCR Law, while it was initially brokered by REFC. Both parties played a crucial role in organising the deal, alongside STB's experienced Relationship Support Specialist, Gerry Dempsey.
Find out more about Secure Trust Bank Real Estate Finance and Manor Co Living Limited.