Specialist debt advisor Arc & Co. has arranged a £16 million 1st charge six-month bridging loan with specialist lender TAB. The loan was arranged on behalf of a private client.
The 70% LTV facility is being used to refinance 60 apartments across two buildings in Leeds — one block of student accommodation and a second residential block.
The borrower was facing tight deadlines as its existing lenders' terms were ending. TAB was able to step in to refinance two separate lenders simultaneously on the same day. The loan will facilitate a leasing period ahead of refinancing onto a long-term debt arrangement.
Edward Horn-Smith, managing director at Arc & Co., said: “This was a difficult and complex deal. With mainstream lenders out of the equation, we knew that this called for the expertise of a specialist finance provider. When we search for a finance facility, we look for a deal that works for all the parties, and a lender partner with whom we can collaborate. We found that with TAB. The team impressed us not only with their speed and professionalism but also their tech and their commitment to transparency. TAB went the extra mile to help us structure the debt on behalf of our client, even in these challenging circumstances and we look forward to working with them again in the future.”
Nick Russell, TAB’s sales director, added: “While the ultimate borrower is a seasoned property investor with a strong history of property investments and an extensive property portfolio, this was a complex deal calling for an innovative and proactive approach. Technically, this facility consists of four loans, totalling £16million, across multiple assets for one borrower — it’s a credit to Emmanuel Johnson and the team that we got it over the line so swiftly.”
TAB underwriter Emmanuel Johnson said: “This was the first time I had worked with Ed Horn-Smith on a deal. He was professional and extremely knowledgeable. The client was responsive and quick to provide any information requested. It was a fantastic experience working with Arc & Co and the client to get this completed.”