United Trust Bank (UTB) has announced the successful completion of a £22 million refinance and capital raise, using an investment portfolio as security. This strategic financial move has enabled the borrower to pursue and finalize additional acquisitions, in sync with their opportunistic investment plans.

Osman Yusuf, the founder of Rangemist Limited, had the objective of releasing equity for more acquisitions, with a primary focus on the residential sector. However, Rangemist’s existing lender was unable to release further equity from the portfolio. This led Chris Spearing, associate director at PIA Financial Group, to collaborate with Martin Cameron, BDM of the structured property finance team at UTB. Together, they navigated the extensive property due diligence process and agreed on a five-year investment loan.

The loan, amounting to £21.94 million, was structured with a day-one loan at 70% LTV, with an additional 4% released upon the completion of several new occupational leases. The portfolio in question includes 31 properties spread across five towns and cities, comprising nearly 200 residential units.

Both Osman Yusuf and Chris Spearing expressed their satisfaction with the deal, praising the professionalism and efficiency of the UTB team. The successful refinance and equity release for the Rangemist Limited portfolio stands as a testament to the collaborative efforts of all parties involved.