London Fields, Hackney
GROSS LOAN £2.8M LTV 75% DEAL DURATION 6 months DEAL TYPE Residential bridge
London Fields, Hackney
Pivot recently closed a complex, structured finance facility in London Fields, Hackney.
Pivot’s debt was secured against 5 high specification apartments, converted from a former commercial building over two titles.
The purpose of the facility was to refinance an existing lender and to provide further funds towards a S106 payment and lease variation.
The S106 payment enabled a planning use change and the lease variation unlocked the ability for the borrower to refinance and sell the individual units.
Several challenges were encountered to permit said leases, including extensive planning delays; a boundary dispute; deed of variation; change of use and more..
The timing was absolutely crucial as many matters had to be executed concurrently.
Deal Team: Vishal Dixit, Head of Business Development.
Originator: Vishal Dixit, Head of Business Development.
Credit Manager: Marcus Wood, River Commercial
Marcus Wood, Principal, River Commercial, said: ‘This case is a fundamental example of how bridging finance provides time and key lending and legal counsel to help resolve such issues… Significant lending hurdles were encountered from the outset but with adept skills of Shahil Kotecha & Vishal Dixit, a refined strategy was implemented, delivering the developers loan.’
Vishal Dixit, Head of Business Development, said: ‘I’m delighted to have completed this £3m facility. This was an extremely complex case and a very satisfying one to complete. Thank you to all the parties involved. Unwavering focus on the same goal was imperative here.’
