Commercial Mortgages Bristol
5+ assets · Single facility

Commercial Portfolio Refinance Bristol

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 £15M 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. Limited company holding structures supported.

Min portfolio

5+ assets

Facility size

£2M to £15M+

LTV

Up to 70%

Rate

From 6.5% pa

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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 Bristol-based investors carrying five or more commercial properties, 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. Geographic concentration in Bristol plus the surrounding South Gloucestershire and BANES travel-to-work area is fine; lenders are comfortable with regional clustering when the borrower demonstrates local market knowledge.

Most Bristol 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.

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

  • Bristol-based commercial landlords carrying 5+ investment properties under different lenders
  • Premium Clifton, Redland and Cotham portfolios across BS6 and BS8 consolidating off multiple bank relationships
  • Mid-market Bedminster and Southville books across BS3 consolidating 3 to 7 mixed semi-commercial assets
  • Avonmouth industrial portfolios across BS11 with let trade-counter and last-mile stock
  • Investors approaching multiple maturity dates on individual fixes within a 24-month window
  • Family offices and professional investor LLPs holding mixed commercial portfolios
  • Operators wanting to release equity across the portfolio for onward acquisition
  • Investors moving from individual SPVs into a single corporate-level holding limited company

Active Bristol portfolio desks and typical book composition

Shawbrook, Cambridge & Counties, InterBay Commercial and Cynergy Bank are the most active portfolio lenders for the £2M to £15M Bristol bracket. OakNorth and Reliance Bank cover larger (£10M+); Lloyds (Bristol HQ at Harbourside) and NatWest commercial banking compete on the prime end. The typical Bristol portfolio profile we see: a mix of Temple Quay and Castle Park View office, secondary retail (Cabot Circus adjacent, suburban parades on Gloucester Road and North Street), semi-commercial on North Street BS3, Gloucester Road BS6 / BS7 and Whiteladies Road BS8, and one or two industrial units around Avonmouth or Severnside. 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.

Portfolio Refinance FAQs

Typically 5+. Some lenders accept 3+ for the right covenant; some require 7+ for the full programme rate. Below five properties, individual investment commercial mortgages usually price better, the consolidation premium is not worth paying.
Blanket charge prices keenest on interest rate but locks the portfolio together, selling an asset is harder. Aggregated is more flexible if you want to sell or refinance individual properties; release fees apply when an asset is removed but the structure works. We model both before recommending.
Aggregate ICR 140 to 150% stressed at a notional interest rate 1 to 2% above pay rate. Single-asset ICR can dip below this if the aggregate passes, that is the whole point of the structure (it absorbs weaker-covenant assets across stronger ones).
Yes, most facilities allow add or remove with lender consent. Adding an asset usually triggers a top-up application (new RICS valuation on the new asset, fresh ICR test). Removing triggers a release fee but is generally straightforward; the residual debt has to still pass the aggregate cover test on the rest of the portfolio.
No, refinancing existing debt against properties you already own does not transfer beneficial ownership, so SDLT does not apply. The exception is where a refinance is structured alongside a transfer between connected limited companies for tax purposes; we flag and route that through the borrower's tax adviser before structuring.
No, commercial portfolio facilities sit outside the Financial Conduct Authority's regulated mortgage perimeter in all standard cases. The borrower is a limited company or LLP, the assets are commercial or semi-commercial held for investment income, and the facility is unregulated commercial lending. We do not hold FCA authorisation because the products we arrange are unregulated; where a deal would require regulated permissions, we refer to a regulated firm.

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