Aldermore Bank has provided a £16m, ten-year, interest only Commercial Residential Investment refinance loan to its existing client – Kexgill Nottingham Limited, a subsidiary of Kexgill Limited. The funding will be used to refinance nine student accommodation properties in Nottingham and one in Liverpool. In total, the residential units make up 369 student bedrooms.
“Another smooth transaction from Aldermore helping us expand in selected areas in the UK. I’m particularly pleased with the courtyard development purchased in Liverpool which ideally suits our returning student model.”Richard Stott, Managing Director, Kexgill Group
“We are delighted to have again acted for Aldermore in their continued support of Kexgill’s expansion. Both of the parties, and their advisors adopted a collegiate approach throughout which greatly assisted in bringing the transaction to a rapid and successful conclusion.”Ben Lamb of Clarion
Aldermore’s last deal with Kexgill Limited was a £29m Commercial Residential Investment facility used to refinance 174 residential units, consisting of 857 bedrooms, which formed a substantial part of the University Quarter in Hull. This latest deal brings Aldermore’s total lending with Kexgill to £46m (£29.3m and £16.7m) – and is one of the largest facilities Aldermore has completed to date.
“It’s great to be backing Kexgill again and provide them with the tailored funding facilities they need. Kexgill are highly experienced property investors and developers within the student accommodation space and are one of the leading providers in the North of England.
“Student accommodation is a sector which unfortunately many traditional lenders have turned their backs on, as developments can be complex. This deal demonstrates Aldermore’s expertise in this market and our commitment to providing support for regional lenders like Kexgill.”Graham Ritchie, Head of Commercial Mortgages North, Aldermore
The European Kexgill Group owns and self-manages student accommodation throughout England – as well as in parts of mainland Europe. This makes them one of the largest – still privately owned – student accommodation providers in the UK.
“Both Nottingham and Liverpool have a thriving student scene with world renowned universities. Kexgill’s properties are in prime locations and will help strengthen the quality of student accommodation in the two cities. Across all properties Kexgill manage, they have maintenance teams who are available 24/7 and are ready to conduct repairs within the same working day.”Michael Graham, Senior Lending Manager, Aldermore
Bespoke Business Finance recommended Aldermore Bank to Kexgill Limited – for the financing of the student schemes in both Nottingham and Liverpool.
“I’m delighted to have been a part of another very smooth transaction between Kexgill, Aldermore and ourselves. For me, the key to this, and what sets Aldermore apart from their competition, is having someone as experienced and as knowledgeable as Mick driving the deal to completion. Having someone working proactively instead of reactively is an absolute breath of fresh air in my opinion.”Steve Williams of Bespoke Business Finance
The bank’s Commercial Residential Investment mortgage product was launched in February 2020 for clients looking to purchase or remortgage larger residential portfolios – including multi-unit blocks of seven or more bedrooms.