Two separate office property transactions, with a total value of £15.4 million, have been completed by London-based lender, Waypark Capital.
In one transaction Waypark Capital provided £10.2 million, in a 70% LTV facility, to finance a portfolio of two high-quality office investments totalling 71,500 sq ft, located in out-of-town business parks in Birmingham and Newcastle. This followed a £5.2 million facility to refinance a 14,000 sq ft new-build office property located in the Battersea Design and Tech Regeneration Area in south London
Nicolas Vocos, CEO of Waypark Capital, said: “In the last few months we have witnessed a 15%-20% reduction in property values and a 20% erosion in affordability as financial conditions have tightened due to the substantial increase in interest rates and a sharp reduction in the commercial investment market activity.
“These turbulent market conditions mean that borrowers are finding it challenging to find suitable funding solutions that match their requirements. However, our capital strength and streamlined process, combined with market knowledge and experience, allow us to provide the certainty of execution needed in the context of market uncertainty and interest rate volatility.
“The team worked with the clients to navigate these challenging markets and to ensure they had the right loan solutions to meet their financial goals. We are pleased to have delivered these loans for our clients, ensuring the successful completion of these transactions during very uncertain times,” he added.
The London-based lender provides commercial real estate borrowers with tailored loans and financial solutions of between £2 million and £30 million for acquisitions, refinancing, and asset upgrades.