Prime West End
Oxford Street office
Timing
3 weeks to completion
Margin secured
175 bps over BoE
A UK Family Office were offered an attractive off-market Prime West End London acquisition
but completion had to be within 3 weeks
The deal
Assets
- Oxford Street office valued at £45m
Security
- First charge over asset
Income
- Rental, multiple tenants
Requirements
- £15m acquisition finance
Challenges
- Extremely tight deadline to completion
Facility Secured
- 3 year term
- Interest only facility, 34% LTV
- Clearing bank
Summary
A UK Family Office were investing in Prime West End London. They had been presented with an attractive off-market opportunity on the proviso that they could complete within 3 weeks.
We secured attractive terms from 3 providers. An important aspect of the screening was having a high degree of confidence in any lender’s operational and AML processes to facilitate the required time frame.
A 3 year term facility was secured at a 175 bps margin (over BoE) with an arrangement fee of 50 bps and funding was drawn before expiry of the exclusivity period.