Gloucester-based Blackfinch Property completes two refinancing loans totalling £6 million

Gloucester-based Blackfinch Property revealed it has completed refinancing loans worth a total of £6 million involving two real estate projects - one in north London and the other in Oxfordshire.

The loans were made on behalf of institutional contracting firm Glencar.

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Phil Downie, Blackfinch Property investment manager said: "We are delighted to close these two loans secured on high quality, modern and sustainable real estate owned by Glencar.

"These loans continue our growth in the commercial term loan market, with the transactions closing seamlessly, thanks to the professionalism of Glencar and our in-house legal team.

"Now that the deal terms are set-up and working well, we look forward to doing more business in the future together, as Glencar and Blackfinch Property respectively continue to grow."

The £4.6 million refinancing loan concerns a modern apartment complex of 20 flats and a retail unit in north Finchley, London and enables the borrower to hold the asset.

The £1.4 million refinancing for the commercial units in Banbury, Oxfordshire is against a site which was recently developed by the borrower.

The property includes an ecology area of natural land and incorporates carbon-friendly features including EV charging points and bicycle racks.

The units on both real estate developments are all tenanted, with the income being used to service the interest on the loans.

Blackfinch said it screened all investment opportunities against criteria that will deliver environmental, social and governance (ESG) benefits.

All of the apartments on the North Finchley site are rated EPC C or above and all units on the Banbury site, which is close to an area of ecological importance, are rated EPC B or above, it said.