Bridging Loan Requirement
We assisted a property developer client with the refinance of a £7m bridging loan that had originally been agreed to fund a land purchase. Subsequently, the client had gained planning permission for 290 apartments, but need more time to decide what to do with the site. The existing lender, having extended their loan twice, now wanted full repayment so we worked with a key funding partner to create a re-financing solution that suited the client and ultimately, bought him time to enable a property sale to complete.
Overseas and Raising Finance
We recently worked with a client based overseas to raise £2.5m for an office block purchase. He holds a variety of UK property assets, both commercial and residential and we are working with him to develop a strategy to build his portfolio over the next few years. The client identified a quality office investment property and we worked to structure a refinance deal against the existing properties to release equity for the purchase, so that it became a “no cash deal” for the client. Various funders were invited to tender for the lending and we went with the one that not only offered great terms, but that could perform within the relatively tight timescales for the purchase. Our role involved co-ordinating the banks, lawyers, valuers and his accountant as well as dealing with a 6-hour time difference with the client!
Refinance frustrations
Our client with a large residential investment property portfolio was looking for a £3m refinance to release capital for further investment. His bank were taking an extremely long time to assess his needs, with numerous visits and information requests but an apparent inability to secure credit approval. This was incredibly frustrating for the client who really wanted to push ahead with his business. We picked up the issue for the client, quickly gained a full understanding of his portfolio and requirements and produced a deal paper for potential lenders. Through our contacts, we were able to obtain a swift credit approval and by managing all elements of the process on the client’s behalf, ensure that a smooth transaction moved speedily to drawdown. Given our vast experience, our ability to put ourselves in the lender’s shoes in terms of deal presentation and information requirements, was key to securing the client’s funding and the ability to get on with building his business.
Family Estate Planning
Our clients, a husband and wife in their 70s, have accumulated a number of properties, pensions and investments over the years, but have had little in the way of strategic advice around their estate planning. We spent time understanding their full financial situation and future requirements and introduced trusted financial planners, tax advisors and solicitors to the clients to enable a tax-efficient plan to be put in place and implemented to ensure that their financial future is secure and that there 3 grown up sons are properly catered for in the future.
Development Finance
Our client required £3.5m for the conversion of an old office block into 28 retirement apartments. Through our network of specialist development lenders, we were able to source 3 offers of finance that the client was able to select from. Interestingly, they didn’t just go for the cheapest option, but rather the one that offered greater flexibility from a lender who was used to dealing in this type of transaction. As well as managing the process, including valuation, solicitors and monitoring surveyors, we remained involved in the deal as staged drawdowns progressed and ultimately the flats were sold.
Refinance for flexibility
This month saw completion of a £1.8m refinance project we have been working on for a few months for our client. This was a complicated restructure of the funding of a leisure complex, with an element of trading business and long-term commercial investment. Our expertise in deal structuring and knowledge of how to present and manage the case with the new lender was invaluable in securing our client long term finance and peace of mind.
Strategic Business Advice
Our client has a successful trading business turning over in excess of £5m p.a. However, their profits had been reducing over recent years and they sought our assistance in turning the situation around. We spent time analysing the business operation and its’ financial performance over the last few years, interviewed key staff, clients and suppliers and presented a full report to the directors. In this, we were able to present a number of recommendations for cost savings, implementing a new job-costing process and introducing people efficiencies across the business. They very quickly saw improvements in sales and margins and cost reductions that ultimately have led to increased profitability, further investment in the business and less sleepless nights!
Urgent Private Client Mortgage
Our clients required an urgent £2m mortgage to complete on a new house purchase having been let down by their lender. They had exchanged on the purchase 5 months earlier and only had a month until completion. Furthermore, their own house sale had stalled. Through our relationship with a Private Bank, we were able to secure a speedy credit approval for a £2m bridging loan, enabling the purchase to take place on time and allowing the clients plenty of time to sell their existing home.
Ground-up Development Finance
Our client required £4.5m for the new build of 22 houses on a former hotel site. We worked with a number of specialist development lenders to gain a selection of terms and with the client, picked the lender that was not only the most competitive in terms of their pricing but also had a great understanding of the local market. The client secured pre-sales on 10 units, pulled out the stops and built the houses in 9 months, and ultimately minimised the interest he needed to pay!