London, 22nd January 2025 - Enness Global has successfully facilitated a £11.5 million refinancing deal for an offshore fund with a complex ownership structure in collaboration with Hampshire Trust Bank. The loan was used to refinance a converted office building in London, which was divided into 55 luxury apartments.
Challenges
The project presented multiple challenges, primarily due to the complex ownership structure and property documentation.
The key challenges we had to overcome were:
Complex Ownership Structure: The property had multiple Ultimate Beneficial Owners (UBOs) in various jurisdictions, requiring clarity and careful structuring to ensure proper ownership negotiation.
Planning Consent Issues: Ambiguities in the original planning consents meant indemnities were needed to protect against potential future claims, requiring negotiation and legal review.
Inaccurate Land Registry Plans: The property's title documentation contained inaccuracies in the land registry plans provided by the previous lender, which needed to be amended to ensure a clean title for the transaction.
Solution & Execution
Enness Global worked closely with both the borrower and the lender, securing a £11.5m loan facility on a 5-year interest-only term at an interest rate of approximately 6% per annum. Enness was able to expertly navigate the complex ownership structure to secure the financing and negotiated the reduction of Early Repayment Charges (ERC) to align with the client's strategic goals. Worked diligently to resolve discrepancies in the land registry plans, ensuring the lender received a clean title for the property.
Successful Refinancing & Continued Growth
This tailored financing solution enabled the offshore fund to successfully refinance the converted office building and continue with their investment strategy in the London real estate market.
Our CEO and Founder, Islay Robinson, commented:
"Working with HTB on this case was a fantastic example of what can be achieved when lenders and brokers collaborate effectively." he adds, "This is exactly the kind of partnership that allows us to exceed client expectations in even the most challenging scenarios.”
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