£40m Loan Against Super Prime London Property

Key Highlights

Client Type: Private individual (repeat customer)

Property Value: £62m

Property Location: London

Loan Amount: £40m

LTV: 65%

Time to Complete: 6 weeks

What the customer required

The customer required funding to repay existing finance and to make a small capex facility available to support the refurbishments being undertaken at the property.

Loan specifics

The bridging loan was to be secured against the property, which was complex due to being held in an offshore trust structure which included multiple jurisdictions. This meant legal and regulatory requirements had to be met.

The £40m loan is the largest single deployment Tenn has provided since its inception and was founded through one of our syndication partners.

The Tenn touch

Due to the complexities involved, the Tenn team provided support and guidance throughout the transaction, especially around legal and regulatory obligations. This ultimately proved crucial in getting the loan agreed upon and allowing the client to meet their goals.

The Tenn team also led the facilitation of the deal, working closely with the various third parties in each location to ensure success.

Inside the deal

Steve O’Brien, Managing Director at Tenn Capital, worked on the deal and said: “This was a really interesting loan to facilitate, not least because of the property being super prime and located in one of London’s most prestigious areas.

“The offshore trust structure added a level of complexity to the deal which the Tenn team was able to negotiate due to the unrivalled experience we possess in terms of facilitating agreements against properties owned in such a way.”

“That this is our largest loan agreement to date, and that it was done with a repeat customer makes this a very special deployment indeed.”