Mortimer Street Capital secures a notable £27.5m refinance facility.
- The deal involved complex legal structures across various property types.
- MSC collaborated with Leumi UK to finalise the financing.
- Challenges included outdated planning permissions and diverse securities.
- A multi-pronged exit strategy will see asset sales and refinancing.
Mortimer Street Capital (MSC) has secured a substantial £27.5 million refinance facility, showcasing their adeptness in handling intricate financial transactions. This was achieved in collaboration with Leumi UK, marking a significant success for MSC and reflecting their strategic capabilities.
The client, a landlord and developer, faced challenges renegotiating terms with a traditional clearing bank for a diverse portfolio, leading them to seek MSC’s expertise. The portfolio included commercial properties, residential assets, and land, totalling 11 securities, highlighting the complexity of the deal.
MSC encountered challenges with a site that had planning permission from 2012, now outdated. They recommended a specialist valuer to provide a market-based valuation. Additionally, the involvement of Numan Sultan, a specialist RE banking lawyer, was crucial due to the complex legal requirements.
Concluding the transaction within 11 weeks of receiving legal instructions, MSC demonstrated efficiency and effectiveness. The anticipated exit strategy involves a mix of asset sales and the refinancing of retained properties, ensuring a flexible and tailored approach for the client.
Hiten Ganatra, MSC’s managing director, expressed pride in the team’s achievement, highlighting the rewarding nature of successful complex deals. He acknowledged the collaborative effort with various parties that made the deal possible, and noted the strengthening of relationships with lenders like Leumi UK.
This transaction exemplifies MSC’s capability in navigating and closing sophisticated refinance deals.
