CSBF delivers £4.5m refinance in 12 days after major tenant exit

By

Jourdan Rajwan

Specialist lender CSBF has completed a £4.5 million refinance of a multi-let office building in just 12 working days, stepping in after a planned facility with another lender collapsed.

The deal fell through when the building’s largest tenant exercised a break option effective at the end of 2025, slashing rental income by 70%.

The borrower, a Jersey-based SPV, required a 12-month bridging facility to re-let the vacant space and stabilise cashflow, while avoiding default and costly penalties from the outgoing lender.

CSBF structured the facility without external valuations, personal guarantees, or exit fees, instead relying on its in-house expertise and direct inspection of the asset.

Jourdan Rajwan, Director at CSBF, commented:

“Being property people ourselves allows us to carry out valuations in-house and keep deals moving quickly, particularly with the support of our legal team.

Many lenders won’t underwrite vacant or capex-heavy properties, but by working directly with our borrowers and inspecting assets first-hand, we can create tailored solutions that give them the time they need.”

This deal is one of two recent £4.5m loans CSBF has completed involving complex ownership structures, underscoring its ability to act quickly and pragmatically where other lenders cannot.

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