Yorkshire: 5 November 2019 – Empire Property Concepts, an award winning property developer is ready to take the next steps in its business development plan, helped by a £30million refinancing deal with Cynergy Bank.
The Doncaster based business, established by entrepreneur Paul Rothwell in 2008, drew down £30million from Cynergy Bank to refinance a portfolio of 17 multi-let residences with 670 apartments. The properties are in eight towns and cities across Yorkshire and Lancashire: Doncaster; Blackburn; Bolton; Halifax; Pontefract; Wakefield; Sheffield and Leeds.
The seven-year term loan, which was introduced to Cynergy Bank by Sheffield based commercial finance brokers Real Property Finance, includes an interest only period for the first year, followed by capital and interest repayments calculated against a 20-year amortizing profile.
Paul Rothwell at Empire Property Concepts commented: “The whole process of refinancing went smoothly, and this new deal allows me to concentrate on finding new build sites and disused commercial properties to convert, bringing much needed housing stock to large cities and towns in the North of England.”
Andy Churchill at Real Property Finance commented: “When we first saw the complicated nature of this transaction, we knew we needed a specialist lender that would take a pragmatic, bespoke approach to the refinancing. Empire Property Concepts is a great business and Cynergy Bank’s team worked tirelessly as always to offer the best and most flexible solution.”
Greg Jones, Managing Director, Cynergy Bank Property Finance commented: “Empire Property Concepts specialises in taking commercial buildings and converting them into high quality residential properties to much acclaim. This strategy delivers high quality residential property supply across many locations, where Empire operate – the business model is clear and successful. At Cynergy Bank we pride ourselves on working with our clients to understand their business needs and aspirations. With our local, seasoned property experts, we quickly learn our client’s needs, we understand the market and can deliver certainty at speed.”
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About Empire Property Concepts
Empire Property Concept is a specialist in the field of commercial to residential conversions. The firm acquires buildings that may be unused, dated and unloved in prime locations across the North of the England. Then, using Permitted Development Rights where possible (or by selecting properties that have already gained full planning permission) Empire Property Concepts converts these properties into modern and stylish residential apartments. The end developments are high yielding and high value and are then either refinanced with a commercial lender, sold to an institutional or private investor, or sold as individual apartments.
About Cynergy Bank
Cynergy Bank is a specialist bank established in 2018 by entrepreneurs to serve the needs of business owners, property entrepreneurs and family businesses. At Cynergy Bank we recognise that our customers’ personal and professional lives often overlap. Our mission is to help empower them to achieve their ambitions by serving all their interdependent banking needs.
We provide a comprehensive range of products and services to meet the property finance, business and commercial banking, private banking and personal savings needs of our customers. With a track record in the UK dating back to 1955, we are committed to putting enduring relationships with our customers at the heart of what we do.
Cynergy Bank is a UK bank, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Eligible deposits are protected up to a total of £85,000 by the UK Financial Services Compensation Scheme. Cynergy Bank was established following the acquisition of Bank of Cyprus UK by Cynergy Capital Limited in 2018.
For more information on Cynergy Bank visit www.cynergybank.co.uk