Bridging lender Ortus Secured Finance has completed its first £1 million-plus deal in Scotland since launching into the region.
The deal was introduced to Ortus via corporate finance brokers Conduit Finance.
Conduit Finance was approached with the deal by an existing client from an accountancy firm. The accountant’s client needed £1.2 million for a well-located leisure asset, based in Glasgow, as part of a larger restructuring case.
The case had previously been presented to the lender by Conduit Finance, but the application was withdrawn and amended due to the client’s circumstances changing and a delay with the property’s landlords. . Conduit Finance reintroduced the deal to Ortus and the deal was completed quickly.
The loan deal, which was completed on a six-month facility and at an LTV under 60 per cent, marks the lender’s first completion in Scotland.
Ortus took a very commercial view on the complicated deal and Conduit Finance’s Managing Director Jamie Davidson told B&C: “Completing the deal with Ortus was quicker and easier than I had expected as we had an asset in a tough sector and on our side a complex security structure.
“What was clear from the outset, and throughout the process, was how professional Richard Beenstock and the team at Ortus were. Their external legal advisers resolved issues in a quick and commercial manner and the in-house underwriters at Ortus really understood the sector, their efficient nature and approach really helped to get the deal cross over the line. We will most certainly introduce further leisure bridging cases to them off the back of the success with this completion.”
Richard Beenstock, Managing Director at Ortus, said: “We recently announced the extension of our offering into Scotland and the completion of this deal is a prime example as to what we can offer borrowers and brokers in the region.
“Conduit Finance were fantastic brokers to work with on this deal. The professional way in which they presented information enabled us to evaluate the case effectively and complete the transaction in a timely manner. We look forward to working with Conduit Finance again on future deals.”
Conduit has since already introduced another deal to the lender.
Leave a comment