Julian King, Director within the structured finance team at Arc & Co. has secured a £1.1m commercial loan for his client, an architect who owns and occupies a serviced office building close to Guildford. There were a number of constraints in completing the facility in order to refinance the outgoing lender, including short 12 month licences on a multi tenanted building together with a business plan effected by the pandemic.
Julian King added “It was a pleasure working with my client who’s existing finance term with his existing lender had come to an end. Upon expecting the building it was clear that it was well managed and provided a quality bespoke office space to its occupiers in a well serviced location with low attrition rates. Working With Redwood Bank was a straight forward refreshing experience due to the knowledge of the credit underwriting team and the productivity of the business development team lead by Nicola Blake. This ensured that collectively we structured the right solution for the client and their project”.
The £1.1m commercial loan was provided by Redwood Bank, to aid with the refinance of the outgoing lender and to provide CAPEX in renewable energy investment to further enhance the attraction of the building, whilst future proofing its offering to its tenants. The loan was provided for a period of 5 years at a margin of 4.95% p.a at a 60% LTV.
Nicola Blake, Business Development Manager at Redwood Bank said “Working with Julian King from Arc & Co was a great experience, from day one we discussed the client’s needs and worked collaboratively, both visiting the property and clients to gain a better understanding on how the large office block is operated to ensure a smooth approval at Credit stage. Julian’s property knowledge, his professionalism and regular engagement between Redwood, the customer and legal teams, working closely to overcome any hurdles ensured completion within a short timescale.”
Redwood Bank were advised by Freeths LLP with the client being advised by Lynn Murray & Co, both of whom did an excellent job in getting the loan completed before the client incurred additional costs under their outgoing facility.