Arc & Co. advises on £9m senior bridging loan against a vacant office building in London
Arc & Co. Structured Finance worked alongside West One Loans to secure senior bridging debt of £9 million against a vacant office building in London valued at £14 million.
The loan, which also included mezzanine finance from a private second charge lender, was completed within one month of proceedings commencing.
“This was a fascinating transaction to work on”, comments Sam Le Pard, pictured, Asset Finance Advisor at Arc & Co. He adds: “Although the property did not have development consent at the time, it had a long history in planning and there was a great story to tell around the sponsor. To get to the net loan amount that the client required, we settled on a part-serviced, part-retained interest structure across the senior and junior debt. In order to achieve this, we had to work with sophisticated lenders who would understand the building – both in its current commercial state and as a residential development opportunity. West One Loans understood the opportunity straight away.”
Danny Waters, CEO of West One Loans and Enra Group, comments:
“It was great to work with Arc & Co. on another satisfying transaction. We are delighted to be able to support these types of client and at every stage of their development process. Arc & Co. drove the process throughout from conception to completion.”