Dealing with construction documentation when the requirements as to financial protection required by funders is changed

We act for our client who has recently acquired various car showroom sites and has been fitting them out. Our client’s intention is to sell vehicles from these locations under well known brand names.

On receiving instruction from our client we have worked closely with our Commercial Property team who have been with the charging of the various properties. We have been able to step in and assist our client by dealing with the necessary construction documentation.

The situation was complicated by the fact that our client has been securing funding from the various well known brands’ own financial arms. Some of those arms suddenly changed their requirements as to the nature/extent of the financial protection they wanted from the collateral warranties. Due to these changes and increases from what they had required in the past there was need for urgent negotiations with the client’s standard team of contractors and consultants.

It was very important to our client to be able to satisfy the funder’s changed requirements swiftly and with minimal disruption to the contractors and professional team. We are pleased to have been able to deliver this for our client and to have done so through proactive engagement with the brands’ solicitors.