Cambridge & Counties has completed a £3m refinancing deal on a Bradford student accommodation block, with the equity release earmarked for another project.
The specialist bank agreed the loan within six days of its first meeting with the new client, and the loan was drawn down after six weeks.
The site was originally purchased in 2007 by developer Jerry Malik (pictured above, left), who demolished an existing industrial building before constructing Malik Halls.
Jerry applied for the refinancing of the 120-unit Malik Halls nine years after the purpose-built scheme was fully let.
The scheme has a number of retail units and is located across the road from Bradford University.
Jerry’s next project is a student accommodation scheme in Leeds.
“It’s the first time I have worked with Cambridge & Counties Bank and I have been really impressed,” said Jerry.
“They’ve been fantastic to work with.
“To get it done in six weeks from start to finish is very good indeed.
“I was really pleased, not only with the speed, but also the thorough understanding of the business they achieved.”
Steve Adams, director of business development at Cambridge & Counties (right), added: “Jerry’s vision in developing Malik Halls was excellent – the property was fully let off-plan due to its fantastic location.
“Cambridge & Counties was keen to be involved in a venture with such a strong track record and we are looking forward to more projects with Jerry in the future.”
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