£10,400,000 commercial re-financing deal arranged for Trust Company

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Case profile

We were approached by a Trust seeking competitive terms on the re-financing of two underlying property companies, within the Trust. However, due to the relative complexity of the company structure, and where the company was domiciled, finding a lender who would offer attractive terms on a re-financing deal was a challenge.

This long standing family Trust, established in the 1950’s, is comprised of multiple property companies managed through a foreign jurisdiction. The underlying assets were a number of North London properties, let on traditional Assured Shorthold Tenancies (ASTs).

The Trust approached us with the mandate of achieving this re-financing with a minimum LTV of 55%.

Solution

For the most part, the more competitive terms were only available to companies with simpler structures, which were domiciled in the UK. However, utilising our considerable range of private bank and specialist lending contacts, we were able to source a lender happy to take a view on the company structure.

The lender, domiciled in the Channel Islands, was prepared to offer attractive terms on an interest only basis, at the 55% LTV the Trust wanted. Flexibility, speed of response and pragmatism were all evident throughout the deal and these factors were very much valued by the client.

The client was happy with the deal and re-financed the two property companies.

Deal Highlights

Loan amount:£10,400,000
Rate:2.75% (2.5% over BoE Base Rate)
LTV:55%
Term:5 years
Type:Interest only
Loan purpose:Re-finance
Lender’s arrangement fee:0.75% of loan amount
Early repayment charges:None

Notes

This case study is for information and illustration purposes only. It is not an offer, or suggestion of an offer. Each mortgage case is assessed on an individual basis and there is no guarantee that the solution described here can be repeated in the future.

Please note that this specific deal may not be available to – or suitable for – all customers, dependent on their individual circumstances. The rate quoted may become out of date at short notice and may not be available at the point at which customers enquire about it. This document may not contain all the information needed for customers to make a decision and they should seek advice.

Your home or property may be repossessed if you do not keep up the repayments on your mortgage. Changes in the exchange rate may increase the sterling equivalent of your debt.

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Your home or property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Changes in the exchange rate may increase the sterling equivalent of your debt. You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing any other debts against your home.  

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