Mantra Capital has arranged a £3.25m loan facility against a multi-residential unit in Peterborough through Arbuthnot Commercial, the commercial arm of Arbuthnot Latham & Co.
The specialist bank made the residential loan against a newly completed 48-unit office-to-residential development, comprising one- and two-bedroom flats, which will be let out by Mantra's client.
The commercial finance consultancy praised Arbuthnot Commercial for its underwriting flexibility and effort to understand the borrower's circumstances and goals.
“This was a long-term client of ours with an excellent track record who is tapping into the exciting growth potential of towns and cities such as Peterborough that are within an hour of London,” said Nimesh Sanghrajka, managing director at Mantra Capital (pictured above).
“PDRs are contributing to the rebirth of the regions.”
Mantra's founders attributed the growth in the regional development and rental market to the sharp rise in 'challenger' developers, the commercial agility of challenger and private banks, and the increased value found outside London.
“Our team has worked with Mantra on a number of occasions in the past and, with [its] banking background, [it] instinctively understands how we operate,” said Stephen Fletcher, managing director at Arbuthnot Commercial.
“With more and more developer and landlord activity shifting out of London, Peterborough – which is a comfortable commute away from the capital – is proving an increasingly buoyant market and one that we are very comfortable with given its long-term outlook.”
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