£80 million site loan for hotel and residential property development
Our clients wished to re-finance an existing facility that had reached its term at a particularly difficult time in the commercial property market. The scheme had obtained planning but had been called in by the secretary of state. We structured a facility between two banks on a pari-passu basis. We had assisted our client with the funding of the various stages of this project from its inception and were able to put together a competitive facility at a time when most lenders were shying away from speculative development projects.
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