We have a track record of lending to sophisticated borrowing structures
This case study is written by Daniel Eastwood, our Senior Lending Manager based in Belfast.
He recently completed an £840k deal to facilitate the refinance of existing debt as well as an equity release to provide working capital for the borrower’s expanding trading business. Our borrower is now in a much stronger position to regain his place in the market and expand into new areas in the future – a great example of how to pivot your business in uncertain times to generate growth.
Senior Lending Manager
The £840k loan was secured against a row of industrial units on the outskirts of London at 40% LTV. The borrower had a mixed history with the banks and required a facility which offered him time to repair his credit.
Part of the property was occupied by the borrower’s business with a number of other tenants holding over. We worked with the borrower to formalise the leases which will hugely benefit them when they refinance.
Was there anything in particular that made the deal more complex than normal?
The combination of the borrower’s credit history, the untidiness of the leases and the equity release meant that the deal wasn’t straightforward but the underlying asset was strong and with low gearing, we were able to get comfortable enough to offer a structure which worked for all parties.
How did Ortus excel?
We pride ourselves on always being available for the client and introducer, keeping in constant contact to explain how we are progressing the deal. That was certainly required in this case as it had its complications but when we reached completion I felt that both broker and borrower were happy with our level of service.
Simplifying the complexity
“This deal is an excellent showcase of Ortus’ commitment to lend to sophisticated borrowing structures. Daniel, the broker and our lawyers at TLT did a great job of delivering the facility which will allow our borrower to implement their asset management strategy. We maintain that deals like this make Ortus a stand-out contender to fund commercial property deals of up to £25m.”