Would you like to download our mobile app from the App Store?Download
As a vastly experienced property developer with a substantial semi-commercial portfolio, our client was seeking to refinance his portfolio and site with planning.
The client’s long-standing relationship with their existing bank had deteriorated dramatically and receivers had been instructed, so there was an urgent requirement to refinance the current facility with a provider who could transact at speed. The potential pool of lenders was restricted by the fact that the portfolio was owned in various different offshore entities including trust structures.
Furthermore, the commercial properties were also located in sectors seriously impacted by Covid, resulting in lenders reducing their exposure or withdrawing from the marketplace altogether.
A £38,310,000 facility was secured against their portfolio valued at £15,000,000, vacant office building in the City of London valued at £12,000,000, and a site with planning consent for 150 new homes valued at £32,000,000.
This provided the client with funds to redeem the existing loans, and allowed them further time to sell the office building.
Disclaimer: This information is general in nature and does not constitute legal, tax or investment advice.