Specialist property lender Leumi UK has completed a £26.5 mln (€31 mln) loan facility with property investor Livingway Group to refinance and expand its residential portfolio across key cities in the North of England.
The package provides £14.8 mln for refinancing five existing rental assets in Stockport, Manchester, Leeds and Bolton as well as an £11 mln loan to support the acquisition of a newly refurbished 119 apartments of residential property in Liverpool, Roco.
Andrew Boyce, Relationship director at Leumi UK, said: ‘We’re looking forward to supporting Livingway Group’s presence in the UK’s underserved rental market. Amidst the current economic turbulence, cities in the North of England remain an attractive location for counter-cyclical investment. As house price growth continues to outstrip wage growth and rising interest rates make home ownership unaffordable for many, Livingway are providing an excellent alternative to an undersupplied private rental market.’