Zorin Finance, the alternative property lending specialist, announces that it has completed a £22.8m investment loan for two London PBSA assets. The sponsor is a UK-based development company that operates primarily in the commercial and residential real estate sectors.
The purpose of the facility is to allow the borrower to refinance the two cross-collateralised properties, provide an interest reserve and equity release.
Both PBSA properties are well located, being in TFL Zone 3 and under a 8-minute walk from the nearest station. They also offer residents additional amenities such as a reception area, communal common areas and laundry facilities. The property in Greenwich additionally has a small gym, a premium in London.
The transaction is a continuation of Zorin’s strategy of expanding into the investment loan market, particularly the PBSA sector where supply is still struggling to meet the growing demand for student beds. Loans will be available for up to 5 years with max LTVs ranging from 60% to 75% depending on asset class and with ticket sizes between £2m – £150m. Flexible debt structuring will allow for servicing via a combination of interest current and PIK.