Vintage Wealth

Vintage Wealth arranges £38.31m bridging loan

Vintage Wealth Management, part of the Vintage group of companies, has arranged a £38.31m bridging loan, its first since the company appointed Joel Kersen (pictured above) to head the commercial finance team in January.

The multi-faceted loan — with an undisclosed lender — was arranged for an existing Vintage Wealth client, a property developer operating in London and the South East.

The borrower needed the funding to refinance an existing bank facility on a short-term basis to complete a development opportunity, as its previous lender had withdrawn its support and demanded the repayment of its loans.

Vintage Wealth was able to work closely with one of the specialist finance providers from Joel’s list of lender contacts, and deliver a solution to the borrower within six weeks.

This included due diligence on diverse and complex multi-jurisdictional portfolio assets, including offshore limited companies and trust structures.

The £38.31m loan was agreed at 69.7% LTV on a 12-month term, and was secured against a property portfolio comprised of various semi-commercial assets, including retail and office space — valued at approximately £27m — and a development site with planning permission at a current value of £32m.

Robert Stein, co-founder of Vintage Wealth, said: “We are delighted to have completed our first bridging loan since establishing the commercial finance division at the start of this year, as we look to write £100m of business in 2021.

“This was a challenging assignment for all parties concerned; a client with urgent needs to find a solution, given the pressures being placed on him by his existing lenders, a complex portfolio of assets in multiple jurisdictions — ruling out many potential lenders — and all against a backdrop of Covid-induced restrictions, making interaction and interface difficult. 

“We were certainly grateful for the ability of Zoom calls to help instil trust and establish a rapport between all the parties throughout the project.”

Joel added: “We’re both pleased and relieved to get this deal across the line for the borrower and buy them some valuable breathing space, given the circumstances they faced and the various complexities behind this case. 

“Having worked with this lender countless times over the years, I was confident that once it was able to meet our client and drill down into their background and the rationale underpinning the proposition, it was ideally structured and commercially minded in a manner that could facilitate this case where others might not.”

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