10 May 2022

Principality Commercial refinances London properties in a monumental deal

Over 40 residential homes across London are the focus of the refinancing deal worth £9.8m. The portfolio comprises a mix of regulated tenancies, as well as open market houses and apartments.
Principality Commercial has provided the financing for a joint venture between two esteemed property investment and management companies, Allan Properties Ltd and Farnpoint Ltd, in a deal that will span seven years. 

The funding package from Principality Commercial, the commercial lending arm of Principality Building Society, will enable the two companies to reinvest into their residential portfolios, so they can continue to provide expert property management as they have done so over the last 25 years.

Maria Elias, Relationship Manager at Principality Commercial, said: “Principality has been delighted to support the investment strategy of Allan Properties and Farnpoint Ltd by providing long term funding. Following a great team effort from all sides, we managed to complete the refinance in just over 3 months, so now look forward to developing our relationship with these highly experienced operators.” 

Timothy Allan of Allan Properties & Farnpoint, said: “We’re delighted with the relationship that we have developed with Principality’s Commercial team over the last few months. With the dedicated support from the whole team, we have efficiently refinanced our property portfolio within a limited time frame.  The relationship managers provided flexibility and solutions to any complexities or obstacles and updated us regularly on status and progress.  

The team were professional, approachable and helpful throughout the process and despite the daunting size of the project, the service we received was very efficient and above expectations.  
I am happy to recommend Principality and their services.”  

Principality Commercial lends across England and Wales, providing finance for both investment and development schemes in the commercial and residential sectors, including supporting housing associations. 

To find out more, visit www.principality.co.uk/commercial

Published: 10/05/2022