Property Finance
To do property finance properly you need to understand both property law and banking law. Our USP is that, unlike most firms who practice in this area, our lawyers can deal with both the real estate and the finance aspects of a funding together. They are equally at home undertaking property due diligence or drafting loan and security documents. This ability to transact the whole deal “in house” means that we can provide a specialist service, seeing the bigger picture and without having to have separate lawyers who often do not understand each other’s discipline.
Finance documents are increasingly complicated and lengthy. However, we understand the key issues and do not look to score points or find problems for the sake of it. We never “let the document drive the deal” and always look for workable solutions in line with the client’s objectives. We deal with the full range of property finance including investment, development, refinancing and also public sector funding. We advise both lenders and borrowers on bilateral and syndicated loan agreements, security documents, certificates of title and all the ancillary documentation which is required for a funding.
Recent transactions include:
Acting for HMG group as borrower in connection with its refinancing from two difference banks. This involved a £46.7 million syndicated loan agreement and a smaller bilateral loan agreement secured over respectively 27 and 6 properties. The transaction involved 10 solicitors lead by Hans Scheiwiller.
Acting for a Local Enterprise Partnership in connection with development funding of circa £3 million to a residential developer converting derelict guest houses into residential accommodation for rent. The scheme was part grant funded by a separate local authority. Issues involved the negotiation of a development agreement and grant funding agreement and their interaction with the LEP’s loan agreement, a step-in agreement, intercreditor agreement and property security.
Acting for a borrower in connection with facilities of circa £75 million to fund the acquisition and development of social housing which is prelet to a registered provider in the supported living sector.
Acting for the trustees of a landed estate in connection with two facilities of circa £5 million provided by different lenders secured on approximately 400 acres of agricultural land. The transaction involved issues such as fixed rate breakage costs for long term borrowing, Agricultural Holding Act tenant’s security of tenure, agricultural rights of way, CPO issues and trustees’ borrowing powers.
Acting for a client granting security to a specialist litigation funder who had agreed to fund swap misselling litigation against a bank. The security involved complex charges over the cause of action and any damages recovered as security for the funder’s success fee.
Acting for a North West property investor in relation to the refinancing of an investment property portfolio with Lloyds Bank plc. The deal provided an £8 million facility and also involved significant debt forgiveness from the existing lender.