- Client type: Isle of Man
- Property value: £25,000,000.00
- Property Location: South of England
- Loan amount: £13,000,000.00
- LTV: 50%
- Time: 4 Weeks
Tenn recently assisted an Isle of Man Trust with a unique request after being approached by one of our broker partners. The client needed a short-term facility to repay an existing debt that had reached the end of its term and wanted to raise capital for investment purposes. The property had a value of £25,000,000 and was located in the south of England, with a loan amount of £13,000,000 and an LTV of 50%. The client’s exit strategy was a sale, and the time to complete the transaction was four weeks.
The challenge was that the loan was to an Isle of Man trust with a non-UK domicile, making it more complex to provide a solution. However, our team was up for the challenge and committed to finding a solution that would meet the client’s needs.
Using our expertise and experience, we were able to provide a day one facility that repaid the existing debt and interest coverage, as well as a capital raise that allowed the client to invest in their business. This solution gave the client time to present the asset in the warmer months and provided an exit strategy for our loan.
Our team worked closely with the client and broker partner to ensure that the transaction was completed within the four-week timeframe. We leveraged our network of lenders to secure the necessary funds, and our underwriting team carefully assessed the risk to ensure that the loan was structured in a way that would maximise the chances of success.
As a result of our tailored solution, the client was able to repay their existing debt and raise the necessary capital to invest in their business. The day-one facility provided them with the necessary breathing room to present the asset in the best possible light, and our loan offered a clear exit strategy. This successful transaction, benefiting all parties involved, is a testament to our commitment to providing unique solutions that meet our clients’ needs.