Christmas is fast approaching, and as we count down to the big day, we wanted to review the year that was 2025. It was 12 months full of growth and great partnerships, and we've rounded up our favourite stories.
From new deals to team additions and charity rambles, it's been a busy year. Here's a round-up of what we've been up to - happy reading!
1. Refinancing Edinburgh Flats
We kicked off January with the delivery of a £2m loan to refinance a multi-unit freehold block (MUFB) of 15 flats in Edinburgh. Led by Relationship Director Mike Feasey with assistance from Relationship Support Specialists Keith Fletcher and Julie Percy, drawdown of the five-year facility occurred just three months on from the initial enquiry.
This was our second Edinburgh success story in two months, following a £13.7m development loan for a major build-to-rent scheme. It's safe to say that the rental market in Scotland's capital is going from strength to strength, with our deals completed swiftly, efficiently and without challenges or complications.
2. Investing in Build-to-Rent Schemes in the Heart of Glasgow
Leading private equity firm Maven Capital Partners was looking for a three-year £14.4m residential property investment loan, and we were more than happy to provide it. The facility was delivered in just six weeks for the Dalian development, a former office building converted into 92 apartments, situated a mile away from Glasgow Central train station.
This was our second deal with the client, having previously funded the development of a 159-bed purpose-built student accommodation scheme in Stirling in 2020. A fast turnaround was non-negotiable on this deal, and thanks to our strong partnership and constant dialogue, we were able to refinance quickly.
3. Making Student Living Smarter in Manchester
Nestled between Manchester's key education hubs, Riverside House serves a wide spread of institutions, including the University of Salford, Futureworks and University College Engineering & Computing Manchester. When the 242-room purpose-built student accommodation (PBSA) block needed upgrading, we stepped in with a five-year PBSA loan totalling £19.2m.
The asset is a joint venture between real estate investment firm BGO Strategic Capital Partners and Orka Investments. With investment in student property only growing in popularity, we pride ourselves on being able to tailor these deals and swiftly bring them to fruition, even when they involve complex ownership restructuring.
4. Raising the Bar with Three Team Promotions
Our Real Estate Finance division continues to shine, with three promotions in April honouring the team's fantastic work. John Griffin was appointed Managing Director of Real Estate Finance, with David Burke becoming Head of Relationship Management and Ben Hodis stepping into the role of Head of Origination.
5. Refinancing a Complex Portfolio
Another April story? Go on then. This month also saw us supply real estate investment firm Castleforge with a £26.6m residential property investment loan to refinance a portfolio of nine apartment blocks located across the Midlands and the north of England.
The five-year facility is enabling the customer to fulfil its long-term strategy of acquiring multioccupancy residential buildings and upgrading them using a dedicated loan to improve the quality of the accommodations. While the size of the portfolio added some complexities to the deal, the team's specialist knowledge and experience was crucial in delivering a near-seamless process.
6. Welcoming a Development Finance Specialist
There was big news in May, as we welcomed development finance specialist Alan Coleman as the latest Relationship Director in our origination team. Alan has over five years of experience working specifically in development finance, and almost a decade in property finance.
Alan has been delivering our bespoke facilities ever since, from initial enquiry to credit approval, and then onto drawdown and management of the loans during their lifecycle.
7. Living in Surrey's Lap of Luxury
Over to Send in Surrey now, where we provided a £4.8m property development loan to fund the construction of three deluxe detached houses. Delivered by property developers Oak & Olive Homes, part of the BlackOnyx Group, the homes comprise a total GDV of £7.5m and are set to be completed in June 2026.
This is the third deal we've struck with Olive & Oak Homes, with two loans similar to this 18-month facility having previously been agreed to fund Surrey-based luxury housing projects. We're continuing to grow in the property development lending space, and with this deal crossing the finishing line in just a matter of weeks, we're well-placed to deliver facilities tailored to borrowers' needs.
8. Powering London Residential Upgrades with a £10.5m Loan
The fast-moving London property market continues to thrive, and we continue to play our part. Specifically, we supplied two three-year property development finance loans totalling £10.5 million to overhaul and upgrade two residential units across the capital.
This included a £4.3 million loan to transform a house in multiple occupancy (HMO) on York Way, Islington, and £6.2 million to transform a block of 14 apartments in Camden, agreed with brokers Garnet Finance. We're proud to support the delivery of high-calibre residential accommodation in London and look forward to their completion.
9. Reporting a Record Lending Balance
Records tumbled in September as our interim results for H1 2025 showed a growth of 7.9% in real estate finance, taking our lending balances to a record high of £1.45bn.
The news was all the better considering the slower residential market and weak economic growth nationally and underlines the importance of our relationship-led business model in otherwise challenging conditions. The expansion of our broker channels also played a huge part in this success, as we've opened new avenues for growth while maintaining a disciplined approach to risk.
10. Walking the Walk to Fight Bone Cancer
Our colleagues came together in September to set off on a 20-mile charity walk along the Thames, raising in excess of £20,000 for the Bone Cancer Charity Research Trust. The 'REF Ramblers' doubled their original fundraising target, taking to the riverbanks in memory of former Managing Director Jon Bowers, who sadly passed away in January 2025 from dedifferentiated chondrosarcoma, a rare type of bone cancer.
A huge well done to everyone who took part and contributed to this worthy cause, with all money raised going to save lives, improve outcomes and offer hope to those affected by bone cancer.
11. Saying Hello to Our New Senior Relationship Director
We welcomed more expertise in November 2025 with the appointment of Russell Davis as our new Senior Relationship Director. He will be bringing his considerable skillset, gained through over two decades of industry experience, to bear for our real estate finance team, concentrating on providing tailored transactions for development, investment and bridging deals. He will be at the forefront of expanding our proposition within the real estate finance sector.
12. Completing our First Bridging Deal to Revive an Office Overhaul
Tight turnarounds continued into December as we provided a £3m bridging facility to enable the purchase of the Glassworks, a Dorking office block that will now be transformed into 39 residential units. How tight a turnaround are we talking? Within 29 days - definitely an ambitious timeline!
Nonetheless, we supplied a three-month loan to Cubica Capital after original plans for the vacant building were refused. With local authority planning permission now in place, the building can be given a new lease of life and provide a fitting example of how flexible finance can be crucial in keeping real estate projects on course.