The North East
Patrick Davenport-Jenkins
Hilco completes £6.7m bridge loan to North East property developer
Specialist bridge lender Hilco Real Estate Finance (HREF) has closed a £6.7m loan to one of Newcastle upon Tyne’s leading family-owned property developers.
The loan, which was delivered at a 62% loan to value with a 12-month term, has refinanced existing facilities and released equity, enabling the borrower to complete the refurbishment of an additional prop- erty. The loan is secured on a variety of assets, all of which are in Newcastle city centre, including a newly developed luxury build to rent (BTR) scheme, a number of commercial units and some addi- tional residential apartments.
The deal was introduced by Fiona Smith and Mark Nixon of Finance 55, with Lambert Smith Hampton and Cluttons providing valuations. Marie Pugh of Clarion Solicitors led the legal due diligence on behalf of HREF.
The loan was originated and led by Patrick Davenport-Jenkins, vice president at HREF, who said: “This loan gives our client the time and flexibility they need to meet their financial aims over the next 12 months. They have developed an exceptional BTR scheme in central Newcastle, bringing much needed stock to the city, and our loan will allow them to stabilise the asset and put in place the best long-term financing. At the same time, we are releasing equity to allow them to finish the refurbishment of another property.
44 COMMERCIAL PROPERTY MONTHLY 2025
“Newcastle has yet to see an influx of high-quality BTR schemes, compared to other northern cities such as Leeds, Liverpool, and Manchester, but there is great potential in the city and we are pleased to be a part of it.”
Hilco Real Estate Finance provides bespoke, flexible property finance solutions nationwide across various real estate sectors and capital structures, offering short term loans for growth, acquisition opportu- nities, development exits and refinancing exits with loan sizes ranging from £3m to £100m+.
Headquartered in London and with offices throughout the UK, HREF comprises a team of highly experienced finance professionals. It is a fully integrated subsidiary of Hilco Global (Hilco), the multi-national financial services group with more than $5bn of assets under man- agement. HREF builds on Hilco’s long established credentials as a lender, valuer and asset manager.
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