Hennessy Jones funds £5.8m resi development

Hennessy Jones Corporate Finance was approached by one of its trusted partners to assist in completing a transaction on a newly refurbished block of residential flats in E1.

Its broker partner had previously been struggling to get the deal over the line due to planning permission issues and his client had been served with a notice to complete, having laid out a non-refundable deposit of £500,000.

Hennessy Jones Corporate Finance held discussions with its solicitors and agreed to accept a Statutory Declaration from the seller relating to the property use along with a building regulation indemnity policy on two of the flats to resolve the long-standing problems.

The three solicitors involved in the transaction, along with Hennessy Jones Corporate Finance, worked late into a Friday night to get the deal completed.

Hennessy Jones’ broker partner and the borrower were extremely pleased that all parties came together and cooperated in a fast and efficient manner.

Hennessy Jones Corporate Finance lent £5.88 Million secured against the property by way of a first charge to an SPV, with assignment of rights, on a purchase price of £9.95 Million over 3 months at 1.25% per month.

The borrower had already negotiated a long-term corporate let with and had lined up funding to redeem the loan.

Hennessy Jones pre-agreed alternative exits with the borrower and we are now working with our broker partner and borrower on a new lending proposition.

It goes to prove that a broker, who works with an intelligent lender that is willing to challenge perspectives, will have a higher chance of a successful outcome.

Hennessy Jones Corporate Finance is open to working with new broker partners. For further information on becoming a trusted broker partner contact Nick Sneddon on 0203 651 8300.