Case Study: The Fisheries

An experienced UK borrower renovating and refurbishing various sites including the Natural History Museum, whilst simultaneously expanding his successful café brand.  This project, the first major planning gain and development project, was well underway with private investor capital.  The term of the loan was nearing the end with the rate to move from 9% up to 15%. 

Client needed to re-finance the £19.2m existing debt and in addition, borrow a further £1m to complete the development - plus allow for £1.3m of interest, charges and other associated professional fees.

Structure 

Loan / LTV – facility of £21.5m to cover all necessary costs to complete the project against a GDV of £37m / 58% LTV.

When the part completed units reached PC, the rate reduced by nearly 1% PA - with a further 1% reduction upon completed sales of the residential flats reducing the LTV to 50%.