Hampshire Trust Bank secures complex development funding

Lawyers in our real estate finance team have supported Hampshire Trust Bank (HTB) in successfully completing two transactions to support the refinance of two recently developed care/assisted living facilities and the redemption of another for Torsion Care.

HTB, a leading provider of specialist mortgages, bridging finance, development finance and wholesale finance, as well as savings accounts to businesses and individuals, has worked closely with its customer, Torsion Care, an expert in developing residential properties in the care and retirement living sector in order to provide support to its development projects.

Complex transactions

The developments that will benefit from HTB’s latest funding are Alderman Lodge in Brighouse and Albany Lodge in Derby.

HTB (with Muckle instructed to act on its behalf) had originally funded the development of Torsion Care's retirement residential scheme in Brighouse in 2022 and in Shipley in 2023.

Once these projects had been built, HTB continued its support by providing additional funding to refinance the Brighouse development facility and extend new funding for Torsion Care's development in Derby.

HTB’s facility for the development of Shipley Manor in Shipley was redeemed simultaneously with the two new facilities being put in place.

The advice to HTB was led by Claire Naughten, senior associate, and Georgia Sproat, solicitor, from our real estate finance team.

The ongoing funding efforts are further supported by junior lending from CapitalStackers, who were advised by Taylors Solicitors.

The complexities of the transactions required simultaneous completion to enable cross-collateralisation of the Brighouse and Derby sites, and they were finalised within an impressive three-week timeframe. Torsion Care was advised by Shoosmiths.

Long-standing adviser

Muckle has been a trusted adviser of HTB since 2021. A large proportion of the work completed to date is based in the North East, but the team has advised on transactions across the country, including in London, Manchester and various locations in Yorkshire.

Muckle sits on HTB's development finance panel and continues to play a pivotal role advising on land and development loans for ongoing HTB transactions.

Harry Bhogal, lending director in the development finance team at HTB, said: “Muckle’s dedication, expertise and proactive approach have been instrumental in working through these immensely complex funding arrangements and ensuring successful outcomes for all parties involved”.

“These complex transactions also highlight the robust collaboration and trust between HTB, Muckle, and other advisers, showcasing their dedication to delivering high-quality residential developments.”

Martin Hutson, director of Torsion Care, said: "We had the pleasure of working with Muckle, legal advisers to HTB on the refinance of our Brighouse and Shipley schemes with Torsion Care. The team ensured a smooth transaction from start to finish.

"Muckle's professionalism and attention to detail were key to the successful outcome, and we look forward to collaborating with them again in the future."

Claire Naughten said: “We are delighted to support HTB in completing these significant transactions, and are proud to have played a small role in HTB’s continued successful expansion of its assisted living/retirement portfolio. We look forward to continuing our strong relationship with HTB over the years to come."

To find out more about HTB, visit: www.htb.co.uk

Find out more about our real estate finance team.