Lockdown Completion – Ortus funds £900,000 commercial bridge using a pre- Covid valuation
Ortus Secured Finance has recently completed a £900,000 deal secured over a commercial site in East Anglia. Funds were used as part of a restructuring exercise and to fund the modernisation of some of the buildings.
The property comprised a tannery that had been in operation for over 100 years. The site had some real challenges which were overcome by Ortus Secured Finance inspecting the site for themselves, listening to the explanations provided by an excellent borrower and also being assisted by an expert and pragmatic valuation firm.
Other challenges included a fairly convoluted propco/opco structure which had evolved over a long period of time. Fortunately, Ortus Secured Finance have a lot of experience with complex borrower structures so, with the help of their lawyers, they were able to keep the legal costs down and deliver in the timescale required.
Eric Savill, BTG Advisory, commented:
“My client was very pleased to see this bridging loan completed as they had some key timelines to meet as part of their strategy. The fact that Ortus relied on a pre-Covid valuation was particularly important to keep the momentum moving towards completion. Funds were drawn after the Covid19 lockdown with any hurdles being swiftly overcome by all parties working together focused on getting the deal done.”
Jon Salisbury, pictured, managing director, Ortus Secured Finance, commented:
“It’s so rewarding to get good feedback from respected firms like BTG Advisory. I’m lucky to have such a great team of colleagues who can deliver when it matters. This deal also benefited from a borrower who was sensible, pragmatic and just a thoroughly decent person. All these things combined to help us overcome the challenges presented by lock-down and ensure the deal completed on time.”