The Structured Property Finance (SPF) team was approached by an existing customer to provide funding for the acquisition of two light industrial properties in South London. The purchase was part of a site assembly project to unlock a large, residential led mixed use new build scheme.
The new properties, along with an existing building already financed by the Bank, are income producing, enabling the borrower to part service the loan facilities as they work through the planning process. The customer aims to create 156 residential units across three blocks together with ground floor commercial space.
The borrowing vehicle has a complex ownership structure, comprising several HNW investors and off-shore entities. However, despite the additional challenges presented by the 2021 lockdown, the SPF team progressed the proposal quickly, moving from credit approval to facility drawdown in little over three weeks.