Specialist bridging lender Hilco Real Estate Finance (HREF) has completed a £2.5m loan to enable the purchase of a 51-bedroom hotel in Coventry.
The loan is secured against a budget hotel property and enables its acquisition by an unnamed investor and hotel group.
It is the third HREF loan to this borrower following loans for the acquisition of hotels in Gloucester and Wakefield.
Valuations for the transaction were undertaken by Allsop, and legal due diligence was provided by Trowers & Hamlins in London.
ENTRPRENEURIAL
Sean Adams, Managing Director of HREF, says: “We’re pleased to have completed another loan for this entrepreneurial hotel group, in a sector where we’ve become increasingly active since our launch.
“We understand their business plan and value the trust they place in us to perform.”
A representative for the borrower adds: “It is great to have completed another loan with Hilco to allow the group to expand. We are already teeing up the next transaction.”
HREF, which recently announced sweeping rate cuts, was launched in 2023 and provides tailored, flexible property finance nationwide across various real estate sectors and capital structures, offering short term bridging loans for growth, acquisition opportunities, development exits and refinancing exits with loan sizes ranging from £3m to over £100m.
REFINANCING DEALS
This year HREF has provided loans backing several hotel refinancing deals, student accommodation developments, serviced offices and residential developments. Transactions include lending on properties in Kent, London, Leeds, Suffolk, Manchester, Newcastle, Coventry, Worcester, and Waterford in Ireland.
The lender has grown rapidly to become one the UK’s most active specialist bridge lenders and continues to target growth. The company is planning to double in size in 2025 and, having recently commenced transacting in the Republic of Ireland, has more innovative plans due to roll out at the end of the year.
HREF has offices throughout the UK and 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 $3bn of assets under management.
