Aldermore, the specialist finance lender, has completed its largest commercial mortgage to date; a £29m, 10-year, interest-only commercial residential investment refinance facility. This involved refinancing 174 residential units, made up of HMOs and a sizeable student accomodation building.
The refinance faciltiy was provided to Kexgill Cranbrook Limited and Kexgill Cottingham 2 Limited, both subsidiaries of Kexgill Limited. The European Kexgill Group own the University Quarter, which is located adjacent to The University of Hull campus.
John Carter, Commercial Director for Commercial Real Estate at Aldermore, said: “We’re delighted to have worked with such an experienced operator like Kexgill and provide them with the bespoke finance facilities they need.
“Student accommodation projects can be complex, and developments in the sector are often not well understood by some lenders.
“This deal underpins Aldermore’s expertise in this market, our commitment to provide regional support, and our mission to back clients like Kexgill to fulfil their ambitions.”
Michael Graham, Senior Lending Manager at Aldermore, added: “This deal is a great example of the work we’re doing in the north of England, working closely with brokers to back operators and help them get the funding they need.”
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Aldermore recently enhanced its commercial mortgages teams with two new hires; Joanna Winterton as Head of Commercial Mortgages South and Graham Ritchie as Head of Commercial Mortgages North. The lender also announced Steven Cooper as its new Chief Executive Officer. This appointment will be effective from May 2021, subject to regulatory approval.