Pure Structured Finance secure near-impossible £2.5m CBILS loan

Tom Lee, who is the Director of Pure Structured Finance, has obtained a £2.5m CBILS (Coronavirus Business Interruption Loan Scheme) loan for prime London developers in Chelsea.

The much-needed finance was met within the deadline, meaning the client had ample time to sell the properties.

Despite the property’s strong position and positive commentary from agents in prime locations, the surveyor down valued the properties, meaning Pure Structured had to work harder to ensure that they’d still be able to make the deal work for the client.

Due to Pure Structured’s expertise in prime London real estate finance, the loan was agreed with the funder at 75%, which was counted as an exception due to the strong relationship held between Pure and the lender.

The client, who wishes to remain anonymous, left a review which stated:

“Working with Tom Lee at Pure Structured Finance has been an absolute pleasure securing funding on this development of ours. The process was seamless from start to finish and we look forward to working with Tom and his team on many more deals in the future.”

Tom understood that due to Covid, there had been increased costs and longer delays on transactions like this.

As a developer exit loan, the loan was only provided on completion of the developed property, so that the current funder could be repaid and the client could then focus on selling the property at the right price, and therefore keeping all profits due to reduced finance costs.

Tom says:

“The client chose our team to secure the much-needed funding due to our expertise in structuring finance in London, as well as the strong relationships we have with funders. Having discussed previous projects with the client prior to Covid, we were confident we could achieve a good result in this case.”

Pure Structured Finance is part of the Pure Advisory group, consisting of Pure Property Finance, Pure Wealth Management and Pure Structured Finance.

Kindly shared by Pure Structured Finance

Main photo courtesy of Pixabay