Vintage Wealth completes £38.31m bridging loan
Vintage Wealth Management has completed a multi-faceted debt facility, valued at £38.31m.
The loan was arranged on behalf of an existing Vintage Wealth client, who approached Vintage to help identify a lender able to refinance an existing bank facility on a short-term basis to enable completion of a development opportunity.
The loan was secured against a property portfolio comprised of various semi-commercial assets including retail and office space, valued at approximately £27m.
As well as a development site with planning permission currently valued at £32m.
The total loan value of over £38m was agreed and closed in six weeks to meet the client’s urgent requirements.
This included due diligence on a number of diverse and complex multi-jurisdictional portfolio assets including offshore limited companies and trust structures.
Joel Kersen, head of the commercial finance team at Vintage Wealth, said: “We’re pleased and relieved to get this deal across the line for the borrower and buy them some valuable breathing space given the circumstances they faced and the various complexities behind this case.
“Having worked with this lender countless times over the years, I was confident that once they were able to meet our client and drill down into their background and the rationale underpinning the proposition, they were ideally structured and commercially minded in a manner that could facilitate this case where others might not.”