£12.6m refinance enables the customer to keep their options open

UTB’s SF team were approached by Tom Robinson of Bircroft Finance Limited to assist a client who wished to refinance a fully let commercial building of circa 17,000 square feet. The client was a returning customer and UTB had successfully financed two other property transactions for them.

Whilst the client was looking to potentially dispose of the asset, market conditions remain uncertain and he wished to have the flexibility of a mid-term facility but with the ability to sell the property in the interim.

Furthermore, a programme of works had recently been completed and new leases executed at the property. Some of these leases were on the basis of an initial rent-free period which meant that there was insufficient rental income to meet interest costs for the first year of the facility.

The solution was to offer a hybrid mid-term facility with the client having the ability to sell the property during the term (without penalty) and a deposit account linked to the facility with the balance available to meet shortfalls in the interest cover. This would be topped-up as and when required.

In summary, whilst these challenges are not unique in isolation, the Structured Finance team was able to match the client’s requirements and still work within UTB’s lending parameters.

Gerard Morgan Jackson, Head of Structured Finance, commented:

“Despite Brexit uncertainty, we remain committed to supporting our clients, reacting to their needs and adapting to changing market conditions. In this example we provided a bespoke investment/sales period facility giving the client the best of both worlds – the time to market and sell without the pressure of a short-term facility and the low rate of funding on an investment basis which allows the client to hold the asset if they so wish.

A three-year, 68% LTV refinance facility at a competitive rate demonstrates that even at this point in the cycle, we have the appetite, pragmatism and commercial approach to provide the solutions customers need.”

Broker comment for Tom Robinson

“Experienced and reliable lenders willing to offer structured finance for clients with specific and often complex requirements have become harder to come by in the last year. However, UTB continue to excel at delivering quick, flexible and competitive solutions backed with extraordinary customer service. Ajsela Cela, from the Structured Finance team,  consistently went the extra mile on this case to ensure the borrower’s expectations were met if not exceeded.”


  • Commercial Investor/developer
  • £12.6m – refinance (inclusive of fees & interest)
Loan Type
  • Structured Finance
  • Central London
  • 68%
Project type
  • Refinance of a fully let commercial office space on the fringes of the City of London
 Special Features ·         A mid-term investment facility but the borrower can sell the property during the term of the loan without penalty

·         Structured with a modest deposit account to cover any interest shortfall for the term of the loan.