United Trust Bank (UTB) has completed a £21.9m refinance and capital raise secured by an investment portfolio, which enabled a borrower to complete further acquisitions.

The portfolio comprised 31 properties, across five towns and cities, consisting of just under 200 residential units.

Rangemist Limited is a value add property investment and development business founded by Osman Yusuf in 2008. However, Yusuf has been investing predominately in residential property over several decades and had amassed a considerable real estate portfolio, including several schemes which he developed and retained.

Yusuf wished to release equity to invest in further acquisitions although Rangemist’s incumbent lender was unable to release further equity from the portfolio, and Chris Spearing of PIA Financial Group subsequently approached Martin Cameron of UTB’s structured property finance team to see if they could assist.

UTB subsequently agreed a five-year investment loan, including a three-year fix, of £21.9m, with a day one loan at 70% loan-to-value (LTV) and a further 4% released upon completion of several new occupational leases.

Yusuf, who is managing director at Rangemist, commented: “I have worked with Chris for many years with previous lenders and he has proved to be the best relationship manager and now broker in my 32 years of building my portfolio. Chris is an excellent, very experienced, and professional individual and always a pleasure to work with.

“Martin and the team at UTB have been amazing and worked extremely professionally and fast with this deal. I highly recommend UTB and Martin and I am looking forward to bringing considerably more business to the bank.”

Spearing said: “It was fantastic to be able to assist Osman with the refinance and equity release for the Rangemist Limited portfolio, given his intention to consolidate his loan requirements with one Lender and assist with his growth aspirations.

“Martin’s invaluable support and guidance, along with that of Ajsela Cela, resulted in a speedy completion, with the assistance of well-known and extremely efficient Solicitors.”

Cameron, who is business development manager at UTB’s structured property finance team, added: “The security package was extensive and complex but nonetheless we were able to provide a positive view and, with Chris and Jon Dibble’s invaluable assistance, completed the due diligence in a timely manner.

“Within a few weeks of receiving the many valuations needed, Osman was able to draw down the funds to settle Rangemist’s existing facility and use the remaining money to invest in future projects, ensuring the continued growth of his business.”

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