Commercial Portfolio Refinance Coventry
Replace the patchwork of individual mortgages, maturity dates and lender relationships with a single facility, secured as a blanket charge or as aggregated charges. £2M to £20M typical. Loan-to-value 65 to 70% across the portfolio, aggregated interest cover 140 to 150%, interest rates 6.5 to 8.5% pa, 5 to 25 year repayment terms. The deepest portfolio market in our network sits here: combined Coventry University and Warwick student HMO portfolios, Holbrooks and Foleshill terraced HMO books in CV6, and professional office portfolios across Friargate and Westwood Business Park.
Min portfolio
5+ assets
Facility size
£2M to £20M+
LTV
Up to 70%
Rate
From 6.5% pa
What does portfolio consolidation actually look like?
Portfolio refinancing is a single commercial facility secured against multiple investment assets, replacing the patchwork of individual mortgages and maturity dates that builds up over a typical landlord lifecycle. For Coventry-based investors carrying five or more commercial or semi-commercial properties (and Coventry runs unusually deep HMO portfolio books given the combined c. 65,000-student footprint of Coventry University and Warwick, the densest student-driven CM demand pool in our four-city Midlands set), the operational saving alone justifies the move: one quarterly review, one ICR test, one lender relationship, one renewal date.
Two core structures. Blanket charge, one charge across all assets, prices keenest on interest rate but locks the whole portfolio together. Aggregated facility, individual charges aggregated against a single facility limit, is more flexible if you want optionality to sell or refinance specific assets out. Release fees apply on aggregated when a single asset is removed; the structure works because the rest of the portfolio absorbs the residual debt.
Aggregate ICR is tested across the portfolio at 140 to 150% stressed at a notional interest rate 1 to 2% above pay rate. Tenant concentration matters: if more than 20 to 25% of income comes from a single tenant, lenders may price wider or cap loan-to-value. Sector concentration matters similarly. Coventry portfolios commonly carry a heavy weighting to combined-university student HMO blocks across CV1, CV3 (Stoneleigh / Cheylesmore edge) and CV6 (Holbrooks / Foleshill terraced conversion belt), plus professional office books across Friargate and Westwood Business Park; lenders are familiar with that profile but read tenant concentration carefully on multi-tenanted sui generis HMO blocks (7+ bed). Geographic concentration in Coventry plus the surrounding Warwickshire ring (Kenilworth, Warwick, Leamington Spa, Nuneaton) is fine; lenders are comfortable with regional clustering when the borrower demonstrates local market knowledge.
Most Coventry portfolio refinancing today is taken out by limited company holding structures (single corporate-level entity, or a topco with subsidiary SPVs), partly for tax efficiency, partly because lenders increasingly prefer a clean corporate counterparty for £5M+ facilities. Stamp duty land tax does not apply on refinancing (no transfer of beneficial ownership), which is part of what makes consolidation maths work even when ERCs on existing facilities have to be modelled in. Portfolio refinancing sits outside FCA regulation. Indicative case seed: a Coventry investor with six combined-university student HMO blocks across CV1 and CV6 (mix of C4 small-HMO and 7+ bed sui generis), plus a pair of Friargate office floorplates, £8.4M total value, refinanced into a single aggregated facility at 65% LTV (£5.46M) at around 6.8% pa with Paragon.
Process: from asset list to drawdown across multiple properties
1. Portfolio analysis
Asset list, current debt schedule, leases, rent roll, recent valuations. We model aggregated ICR, sector mix, tenant concentration, geographic spread.
2. Lender shortlist
Three to four portfolio lenders shortlisted based on facility size, sector mix and LTV target. Indicative terms within 7 working days.
3. Structure decision
Blanket charge versus aggregated. Term length. Fixed versus tracker interest rate. Trade-offs modelled before submission.
4. Credit pack
Asset-by-asset pack plus aggregated portfolio summary. Lender wants to see the whole shape clearly: concentration, covenant, lease maturities.
5. Co-ordinated valuations
Multiple RICS Red Book valuations co-ordinated across the portfolio, typically 4 to 6 weeks for the full set, the longest critical-path item.
6. Legals and ERC handling
Multi-asset legal pack, intercreditor handling for any retained debt, ERC settlement on existing facilities. 6 to 10 weeks total typical.
Portfolio profiles where this product earns its keep
- Coventry HMO landlords carrying 5+ combined Coventry University + Warwick student HMO blocks under different lenders (CV1 city-centre walking belt and CV6 terraced conversion belt)
- Sui generis large-HMO operators with 7+ bed properties across Holbrooks and Foleshill consolidating multiple individual mortgages
- Professional firm freehold portfolios (legal, accountancy, consultancy) holding Friargate Grade A and Westwood Business Park multi-let office stock
- Investor portfolios holding Cathedral Quarter retail alongside Friargate office and Earlsdon F&B semi-commercial
- Mixed semi-commercial books spanning Far Gosford Street, Earlsdon Avenue, Foleshill Road and the Westwood Way edge stock
- Investors approaching multiple maturity dates on individual fixes within a 24-month window
- Family offices and professional investor LLPs holding mixed commercial portfolios across Coventry and the wider Warwickshire ring
- Investors moving from individual SPVs into a single corporate-level holding limited company
Active Coventry portfolio desks and typical book composition
Coventry runs the deepest portfolio market in our Midlands network, driven by the city's exceptional HMO conversion volume (the highest in our four-city Midlands coverage given the combined c. 65,000-student footprint of Coventry University and Warwick, the JLR / UKBIC working-age population growth, and the sustained sui generis 7+ bed planning pipeline). Paragon, Together, Foundation Home Loans and Aldermore are prominent on the Coventry HMO portfolio book and route most of the £2M to £15M Holbrooks, Foleshill and CV1 multi-block refinances. Shawbrook, InterBay Commercial and Cynergy Bank compete on the mixed semi-commercial and pure commercial portfolio bracket. Lloyds and NatWest commercial banking compete on the prime end, with West Midlands corporate relationship teams active across the Coventry market. Cambridge & Counties Bank is notably engaged on Warwickshire portfolio cases (Coventry sits inside their core zone); Allica Bank, HTB, YBS Commercial and OakNorth engage on smaller portfolios. The typical Coventry portfolio profile we see has three distinct flavours: the combined-university student HMO portfolio (multi-block CV1 city-centre walking belt and CV6 Holbrooks / Foleshill terraced conversion stock, mix of C4 small-HMO and sui generis 7+ bed, blended yield 7.5 to 9.0%, durable demand from both Coventry University and Warwick); the Holbrooks and Foleshill terraced HMO portfolio in CV6 (often acquired during the 2019 to 2022 conversion wave on the terraced stock between the city centre and the M6 J3 corridor); and the professional office portfolio (Friargate Grade A stock and Westwood Business Park multi-let, held by legal, accountancy and consultancy partnerships). A smaller fourth cluster is the Cathedral Quarter and Earlsdon retail-and-mixed-use book, often with shorter WAULTs and higher tenant rotation. Refinancing volume is particularly strong on portfolios with original draws from 2019 to 2021 where current valuations support a meaningfully better consolidated LTV. Pricing currently 6.5 to 8.5% pa across portfolio facilities. See also our single-asset commercial remortgage route for smaller books.
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