Ortus Secured Finance lends £9.04m for commercial bridging facility

Ortus Secured Finance has completed a £9.04m commercial bridging facility, introduced by Curzon Financial, to refinance a portfolio of three freehold assets across southern England.

The 12-month facility is secured against assets valued at £18.75m.

The portfolio includes two established residential park home sites in Dorset together with a third freehold property in Gloucestershire.

The borrower’s existing bank facilities were approaching maturity while the agreed sale of one of the park home sites continued through financial, tax and legal due diligence.

The Ortus facility refinanced the bank loans and overdraft facilities, released additional working capital and provided time to complete the disposal in an orderly way.

The transaction was structured around a clear disposal-led exit.

Proceeds from the agreed sale are expected to deliver a substantial initial reduction in the Ortus facility, with the remaining balance scheduled for repayment shortly afterwards.

The two operating parks comprise 327 residential pitches and benefit from full occupancy and recurring pitch fee income.

Mel Howard, relationship director at Ortus Secured Finance, commented: “The borrower had a clear exit through an agreed asset sale, but its timing did not align with the maturity of the existing bank facilities.

“The strength of the portfolio and the performance of the operating parks allowed us to provide the time needed to complete the sale in an orderly way.

“David and the Curzon Financial team were instrumental in coordinating all parties and achieving a smooth completion.”

David Brown of Curzon Financial added: “There were several challenges to work through on this case, and finding the right lender was key.

“We needed a team that understood the complexities and could be flexible in how the funding was structured. Ortus brought both.

“Their knowledge and willingness to work through the detail with us made a real difference in getting the transaction completed for our clients.”