Hope funds refinance of residential and retail property in Bootle
The property, a mixture of residential and retail – was unencumbered, and the client – an investment firm – was looking to refurbish the gym and restaurant and finish building a new supermarket onsite.
Work had already commenced and the borrower required a short-term loan to enable completion and release equity.It was a complicated project because Signature Living Hotel owned the Freehold and was providing the security for the funds against the Freehold and they were leasing to the client.
Plus another company owned the car park and had to surrender part of the lease to allow for new leases of the Gym and Supermarket pass to our client. We needed to ensure that the surrender plan was accurate and reflected the full area required under the leases of the gym and supermarket.
Hope Capital agreed on a loan term of 6 months, with 6 months interest deducted upfront. As a flexible lender, we also agreed to extend the loan for a further 6 months if required. This was subject to interest being paid upfront or rolled into an increased loan, subject to updated valuation and the loan not exceeding 65% of the confirmed 180-day valuation.
We also agreed to provide further funds to assist with the costs of the proposed works, subject to valuation.
The solicitors had their work cut out, but did an amazing job lining everything up to ensure everyone was comfortable with the legals, and Hope was able to provide the funds needed in the timescales to ensure the deal was completed on time.