The firm was appointed to the panel of this new but rapidly growing lender in February 2021. Since then, we have been instructed on over 109 transactions to date with the largest loan facility being over £23,000,000. The lender primarily provides on demand development facilities but we have also been instructed on VAT loan facilities.
We have recently completed a development loan facility in the sum of over £13,000,000 to assist the Bank’s client-Borrower with a mixed residential and commercial development in Kent, including the refurbishment of a Grade II Listed building and works to remove and remediate a former gas chamber at the site.
We were required to undertake legal due diligence on the property and planning consents in connection with the proposed works, prepare the loan facility and a suite of security documents including construction security documents required as part of the transaction.
We also liaised with the Bank’s appointed Valuer and Surveyors on various matters relating to the proposed development, throughout the course of the transaction in order to advise the Bank on matters arising out of our due diligence. The facility was completed swiftly in line with the Borrower’s needs to draw down for development costs notwithstanding the complexities.