Just a flavour of some of the deals that we have recently completed
Gearing Up Existing Portfolio
Assisted experienced landlord who was looking to take advantage of the market by gearing up his unencumbered portfolio to provide a cash lump sum to allow him to act quickly to purchase new properties as a cash buyer.
Turning a No into a Yes!
Client approached us via our Website mid December 2021 as he was having considerable difficulties renegotiating a term loan with a major Corporate Bank.
The loan was for £1.1m, interest only & maturing April 2022 with a bullet repayment. The comprehensive security package covered various sites with a low LTV of 34%.
The Bank was delaying a decision partly due to the fact part of the security package was in the Retail sector & it was concerned by the level of perceived exposure to that particular sector.
Following securing the client mandate, I met with the client early January & undertook a complete review of the security package to discover that only 28% was in the Retail sector, the rest being a mixture of Industrial ,Warehousing & Commercial use & also discovered there was a historic 100% occupancy rate across the portfolio.
The Bank have been contacted & they have reviewed the situation following which we now have a credit backed agreement to renew the facility at £1m, release some of the security & revalue the remaining existing portfolio.
The client is pleased as it saves the hassle & substantial cost of a rebanking exercise. In view of the portfolio size & exposure time was of the essence & the client comments that he is grateful for our prompt action & quick turn around of his request.
Developer Funding to finish a site
Helped an experienced developer with the funding to be able to complete the last of a 4 plot resi development having used their own funds to complete the rest. Short term finance secured to allow them to complete the property and effect the sale all within a three momnth time period.
Development Funding Consultancy
Worked with a new developer to help them produce a "bank friendly" plan to secure development finance for their next scheme which should be ready to start early in 2022. Client now has confidence that he has a funder who will support as he finalises the details of his next scheme.
Investment Property Purchase
Assisted corporate client in the purchase of an investment property at 60% loan to value with interest rate sub 3%. Handled all the negotiation with Bank on clients behalf and dealt with everything from inception to completion including chasing solicitors.
Bridging Loan for Client with Poor Credit
Bridging Loan £300k. Agreed for a farming contractor with chequered credit history. Farmer was in need of working capital to refinance his business and had fallen out with his existing clearing bank. We negotiated with the bank to ensure they were fully repaid from a land sale. We raised £300k on a temporary bridge against residual farming assets pending facilitating a longer term funding solution. From our network of professional contacts we introduced our customer to a lawyer so that he received proper representation for the land sale and fund raising.
Confidential Invoice Discounting Facility to assist growth
Confidential Invoice Discounting facility £2.5m for a manufacturing company. The company produces kitchens and bathrooms from its factory in Gloucestershire and its main customers are social housing groups and the education sector. When COVID struck in 2020 orders fell away dramatically and customer was able to survive on the wider group’s balance sheet. The economic recovery and bounce back means that order book is substantial and working capital under pressure to service all the orders. In addition supply chain pressure has resulted in suppliers demanding better terms and prompt settlement. A final complication is contractual nature of some orders which are not attractive to asset based lenders. We were able to shape a deal with a new funder that increased funding limit to £2.5m and also incorporated the contractual element of the debtor book.
Company refinance and Restructure
Very complex refinance to allow an accountant led company restructure to capture tax savings and set inheritance plan in place. New streamlined structure now in place with reduced interest rates on existing borrowing saving both money and tax going forward.
Investment Mortgage in Hospitality Sector
Commercial mortgage £1m. We arranged an investment mortgage of £1m for a customer who has purchased a small portfolio of retail and hospitality sector tenants. Many lenders have withdrawn from lending to this sector but we prepared a business plan and financial model to evidence that this was a scenario worth backing.
Refinanced Bridging Facility
Challenging bridge £450k completed for an established developer in the South West. Customer approached Bespoke as they needed to extend their ‘land only’ bridging loan. They had been put in a precarious situation where the current lender was unable to extend an existing facility and requested repayment. Customer needed time pre development to work on enhanced planning gain (which had been agreed in principle by the planners) and complete a deal with a housing association for the affordable housing allocation. Notwithstanding the borrowing had been refinanced on a bridge three times before, Mark & Greg were able to place with a funder at 65% LTV and we are now negotiating the development loan.
Pension Loan Restructure
A complex restructure of a pension loan from one lender to another. Fresh terms negotiated saving some £30k per annum and releasing additional cash for the owners.