Commercial Portfolio Refinance Portsmouth
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: Southsea HMO blocks in PO4 and PO5, North End HMO portfolios in PO2, professional office portfolios across Lakeside North Harbour and Old Portsmouth.
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 Portsmouth-based investors carrying five or more commercial or semi-commercial properties (and Portsmouth runs unusually deep HMO portfolio books given the c. 28,000-student University of Portsmouth and the densest local authority outside London), 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. Portsmouth portfolios commonly carry a heavy weighting to HMO blocks in PO4 and PO5 Southsea and PO2 North End student-and-key-worker belt, plus professional office books across Lakeside North Harbour and Old Portsmouth; lenders are familiar with that profile but read tenant concentration carefully on multi-tenanted sui generis HMO blocks (7+ bed). Geographic concentration in Portsmouth plus the surrounding Hampshire ring (Havant, Fareham, Gosport, Waterlooville) is fine; lenders are comfortable with regional clustering when the borrower demonstrates local market knowledge.
Most Portsmouth 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 Portsmouth investor with six Southsea and North End HMO blocks across PO4, PO5 and PO2 (mix of C4 small-HMO and 7+ bed sui generis), plus a pair of Lakeside North Harbour 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
- Portsmouth HMO landlords carrying 5+ Southsea or North End HMO blocks under different lenders (PO4, PO5 and PO2)
- Sui generis large-HMO operators with 7+ bed properties on Manners Road, Kirby Road and the Portsea fringe consolidating multiple individual mortgages
- Professional firm freehold portfolios (legal, accountancy, consultancy) holding Lakeside North Harbour, Old Portsmouth and Cosham professional services stock
- Investor portfolios holding Gunwharf Quays-adjacent retail alongside Lakeside office and Southsea mixed-use
- Mixed semi-commercial books spanning Albert Road, Osborne Road, Cosham High Street and the Commercial Road upper-floor reshuffles
- Investors approaching multiple maturity dates on individual fixes within a 24-month window
- Family offices and professional investor LLPs holding mixed commercial portfolios across Portsmouth and the wider Hampshire coastal ring
- Investors moving from individual SPVs into a single corporate-level holding limited company
Active Portsmouth portfolio desks and typical book composition
Portsmouth runs the deepest portfolio market in our network, driven by the city's exceptional HMO conversion volume (the highest in our coverage given the c. 28,000-student University of Portsmouth, the densest local authority outside London, and the sustained sui generis 7+ bed planning pipeline). Paragon, Together, Foundation Home Loans and Fleet Mortgages are prominent on the Portsmouth HMO portfolio book and route most of the £2M to £15M Southsea and North End 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 South-Coast corporate relationship teams active out of the Cosham and Commercial Road branches. Hampshire Trust Bank (locally engaged on Portsmouth deals), Allica Bank, HTB and YBS Commercial engage on smaller portfolios. The typical Portsmouth portfolio profile we see has three distinct flavours: the Southsea HMO portfolio (multi-block PO4 and PO5 stock, mix of C4 small-HMO and sui generis 7+ bed, blended yield 7.5 to 9.0%, durable demand from the universities and the Naval Base civilian workforce); the North End HMO portfolio in PO2 (terraced HMO conversion blocks along the Kirby Road and Stamshaw corridor, often acquired during the 2019 to 2022 conversion wave); and the professional office portfolio (Lakeside North Harbour, Old Portsmouth and Cosham professional services stock held by legal, accountancy and consultancy partnerships). A smaller fourth cluster is the Gunwharf-adjacent and Commercial Road 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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