24-unit BTR scheme, Leeds
Sold the entire block to a single institutional buyer after 5 months. Repaid early with no ERC. Would have been cheaper to stay on senior + block sale direct, but certainty of execution was worth the premium.
Outcome
Refinanced early via block sale.
Sold the entire block to a single institutional buyer after 5 months. Repaid early with no ERC. Would have been cheaper to stay on senior + block sale direct, but certainty of execution was worth the premium.
What the numbers show
Over an actual hold of 18 months at 0.68% per month, monthly interest on a £7.8m facility runs to about £53,040 each month. Add a 1.5% arrangement fee of £117,000, and the estimated all-in cost is roughly £1,071,720 — about 13.7% of facility. That excludes valuation, legals, and any extension or step-up costs where applicable.
Related case studies
- 12-unit residential new-build, Camden — Conventional mid-market scheme. Strong area, conservative pricing, fast sales velocity. Exit finance beat the extended senior tail by £78k over the 9-month actual hold.
- 9-unit heavy refurb conversion, Brighton — Slower sales market than modelled. Extended facility twice. Pricing stepped up from 0.82% pm to 0.92% pm for the final 3 months.
- 5-unit office-to-resi conversion, Bristol — Smaller ticket, specialist non-bank lender. Higher rate (0.85% pm) but completed in 14 days from term sheet. Time-to-close made up for the rate.