PLS undertakes refinance bridge on a Manchester land acquisition case with additional third party security
10th June 2021
“Refinance bridge deals like these are not always straight forward and this case was a complex one. Time was of the essence and PLS met the challenge with skill and hands-on responsiveness.” Confidential Client

As an experienced law firm with a reputation for delivering on its promises, we know how important it is to provide insightful and expert legal advice on straight forward first charge or second charge re-mortgaging through to complex development finance lending.

Our client’s challenge

This case involved the refinance of a land acquisition facility for the purposes of development. In addition, the Lender’s underwriting team (for ‘belt and braces’) required us to take security over the residential home of one of the Borrower’s company directors due to a lack of value in the main security property

Bridging the gap

We achieved the right outcome by way of a third party legal charge as the Director (an individual entity) was not a party to the loan between the Lender and corporate Borrower. In addition, this Lender in particular was funding the loan through a private high net worth investor who also required a registered security on the legal title to the land. A much larger suite of lending documentation was required than a typical case which involved significant communication with multiple firms providing advice to the different entities to the deal.

Responsive and timely delivery

We completed within three weeks. The Borrower was in default with an existing facility with another Lender therefore time was of the essence. We managed to turn the deal round in three weeks and ensured the Borrower did not have the asset repossessed and the Lender did not lose business.

The right result for our client

The Lender was delighted with the result. The way in which we supported the Borrower meant a quick turn around was possible.

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