- Client: Offshore fund with a complex ownership structure
- Lender: Hampshire Trust Bank
- Location: London
- Loan Amount: Circa £11.5m
- Loan Term: 5-year interest-only loan
- Interest Rate: Circa 6% p.a.
In this case, we successfully facilitated an £11.5 million facility with Hampshire Trust Bank for an offshore fund looking to refinance a converted office building in London. The property, which was divided into 55 luxury apartments, posed several challenges due to its complex ownership structure and the intricate details surrounding the planning and title documentation.
Challenges
Complex Ownership Structure: Multiple Ultimate Beneficial Owners (UBOs) located in various jurisdictions, ensuring clarity in ownership was crucial for completing the transaction.
Indemnities and Planning Consent Issues: Ambiguities in the original planning consents required indemnities to be put in place to protect against potential future claims. This involved a detailed review and negotiation to address all perceived risks related to planning permissions.
Inaccurate Land Registry Plans: The land registry plans provided by a previous lender contained inaccuracies that needed to be rectified. Enness Global worked closely with the borrower and the lender to track down and amend these discrepancies, ensuring that the lender was granted a clean title for the property.
Solution & Execution
Through collaboration and expert navigation of the complex ownership structure, we secured a circa £11.5m loan facility with an interest rate of circa 6% p.a. on a 5-year interest-only term.
Our team expertly reduced the Early Repayment Charges (ERC) to align with the client's strategic goals and ensured that all necessary indemnities and legal protections were in place. Additionally, our work to resolve the inaccuracies in the land registry plans guaranteed the lender a clean title, paving the way for a seamless transaction.
Outcome: Successful Offshore Fund Refinancing
By leveraging our expertise in managing complicated ownership structures and cross-jurisdictional issues, we were able to deliver a tailored financing solution that met the client's needs.
Learn more about Property Financing.
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