Matthew Grogan and Catherine Linsell acted on behalf of Paragon Development Finance Limited in connection with the completion of a £4.3m loan facility.
The loan was to be used for the furtherance of the Developer borrower’s land banking, and subsequent plans for the erection of over 1,000 homes, business spaces and a primary school in the region. The Bank has supported the Developer’s proposals over several years and has now provided loan facilities totalling some £25m in connection with the project. Full planning permission for the scheme is awaited.
The due diligence exercise on the project was complex and the Thomson Snell & Passmore team were asked to provide specific advice in connection with the existence of, and ability to secure vacant possession of, nine business tenancies. In addition, various issues arising from the title, historic contamination and TUPE had to be resolved by the Thomson Snell & Passmore team alongside the Developer’s lawyer.
We were pleased to receive the following feedback from Paragon, which we feel demonstrates Thomson Snell & Passmore Property Finance team’s strengths: “Thomson Snell & Passmore's reporting style is concise, straight forward, and goes into exactly the right level of detail needed for any response. Thomson Snell & Passmore work well as a team, if one member is away or unavailable to discuss a facility they are assisting with, there is always another on hand who is up to date with proceedings. Matthew and Catherine are prime examples of this strong work ethic.”
The Thomson Snell & Passmore team continue to work closely with the Bank and the Developer on the project. This includes granting consents for temporary leases and the negotiation of s106 Agreements to be entered into in support of planning permissions for the proposed development.