Specialist finance broker Finance 4 Business have completed the refinancing for an iconic John Madin building in the heart of Birmingham.
The former office block has been converted into 136 high spec student bedroom accommodation.
The £7.7m deal was placed with challenger bank Cambridge & Counties and is the banks largest to date.
Paul Atkinson, head of mortgages F4B, said: “As a company we were fully immersed in this transaction from start to finish. F4B secured the initial financing required to allow for the shareholding structure to be amended, into a fundable format and allow planning to be achieved.
“Following the success of this transaction, we facilitated the drawdown of a development facility, enabling the client to deliver what is clearly a real asset to the City of Birmingham. After the uncertainty created by the referendum, F4B were instructed to secure a long-term mortgage to repay the development finance facility.
“Having access to an extensive range of lenders, the client and I decided to proceed with Cambridge & Counties Bank. Neil Reddington and his team handled the transaction with absolute expertise and to have completed such a complex mortgage in less than two months is testament to their commerciality and can-do attitude to business.”
Shaylor Group chief executive Stephen Shaylor, said: “We are eternally grateful for all of the hard work and professionalism that Paul and his team have shown. They have been in this from start to finish, delivering on every aspect that was required.
“To be able to play a significant part in bringing a John Madin building, one of our city’s most influential post-war architects and planners, back into use is an incredible achievement and one we are very proud of.”
Neil Reddington, Cambridge & Counties director of business development for the West Midlands, said: “The West Midlands Cambridge & Counties team is very proud that this deal – the Bank’s biggest to date – was led from Birmingham, using Birmingham professionals, for an important addition to the burgeoning student accommodation market in the city.”