Clifton Securities secures £2.5m from Cynergy Bank

Cynergy Bank has completed a £2.5m facility to Clifton Securities to refinance an existing development finance loan and to purchase another property for the customer’s portfolio.

The facility, agreed at 46% LTV on a three-year term, was secured against a converted mixed-use development in North West London, which offers 650 square metres of creative commercial workspace on the ground floor and a 530 square metre contemporary penthouse above with two roof terraces.

The transaction was arranged by Craig Booth, director at Abbey Capital.

Simeon Anderson, owner at Clifton Securities, said: “It was terrific to partner with a bank who were supportive of a sustainable conversion in an area that is on the brink of change. 

“A number of the other lenders with whom we engaged could not get comfortable with the immediate area or the reuse of the existing structure, despite the attractive product we have created in a burgeoning residential district and with a relatively low loan to value.”

Daniel Narwal, associate director at Cynergy Bank, commented: “We are pleased to be able to support Simeon on this transaction. 

“The conversion was carefully considered with focus on energy saving initiatives improving the carbon footprint of the building. 

“We took a lot of time to understand Simeon, his needs and the scheme presented to us which enabled us to agree a transaction that was great for all parties.”

This follows the announcement that Cynergy Bank has lent over £200m to SMEs through the British Business Bank’s CBILS programme.

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