Following the withdrawal of a Clydesdale Bank-provided commercial loan, a Midlands-based developer has secured a £83 million refinance across its UK property portfolio, thereby ensuring its financial safety for the near future.

IM Properties, which currently owns a wide range of commercial properties across the UK, secured the refinancing package with the help of Lloyds Bank, successfully replacing the recalled Clydesdale Bank and Santander loans previously in place.

The firm boasts a 14-strong nationwide portfolio of premises, which includes distribution warehouses, retail parks, industrial and office spaces.

Its most high profile assets include Purley Way Retail Park in Croydon, Cordwallis Business Park in Maidenhead and Midpoint Birmingham, which is let to logistics giant Keuhne & Nagel.

The news could lead the way for other institutions to begin to refinance a large number of Clydesdale’s commercial loans.

B&C has previously heard from a large number of professional borrowers in the past who faced a full-scale recall of their commercial loans after Clydesdale’s owners, the National Australia Bank, forced the firm restructure its debts in light of “toxic assets”.

Most notably, it lead to longstanding bridging lender Cheval being forced to close its doors, as the bridging firm was principally funded by the Bank.

Speaking about his firm’s refinancing, Tim Wooldridge, Managing Director at IMP, said: “This deal provides us with a firm footing from which we can continue to grow and strengthen our portfolio over the medium term. In many key locations, the supply of good quality industrial space in particular is shrinking.

“We are moving towards a position where major pre-let development will be forthcoming and we want to be in a position to support that. Lloyds Bank has significantly increased its existing commitment to our business, which is a strong recognition of our continued growth over the past five years.”

Richard Round, Relationship Director for Mid Markets Real Estate at Lloyds Bank Commercial Banking, added: “IMP has a strong and diverse portfolio of institutional quality investments, a respected development team and experienced management, giving it excellent prospects as we begin to enter an upturn in the market cycle.

“The wider group has been a client of the Bank for more than ten years, and the size of this new package which we’re providing as the sole-bank, emphasises our strong commitment to support the UK real estate market.”