Abbey Capital
At Abbey, we are committed to helping you make the most of your financial opportunities by offering solutions in Bridging, development and structured loan facilities; tailored to your exact requirements.
Regions covered: England, Scotland and Wales
Based in: London
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Experienced in lending, borrowing and broking all aspects of property finance
It’s your financial position. Make it count.
In the journey of life, finance plays a significant role. It's the foundation upon which we build our dreams and aspirations. At Abbey, we understand the importance of your financial position, and that's why we strive to provide tailored solutions that meet your unique requirements. We believe that a loan should always be in your best interest, and we work closely with our clients to ensure their financial goals are achieved.
Tailored Solutions for Your Unique Needs:
At Abbey, we recognize that each individual's financial situation is different. That's why we go beyond the cookie-cutter approach and tailor our solutions to suit your specific case requirements. We take the time to understand your objectives and funding needs, working closely with you to create a personalized plan that aligns with your goals.
Direct Communication and Comprehensive Understanding:
Our commitment to your financial success goes beyond just providing a loan. We believe in establishing direct communication with our clients' key principals, ensuring that we fully comprehend your objectives and funding requirements. By actively listening and engaging in dialogue, we gain a comprehensive understanding of your unique circumstances.
Case Study: Farnborough.
UK borrower specialising in small scale property development projects. The client was seeking a refinance loan to repay an expiring development facility, secured on 145 apartments at Thompson House. Thompson House was a vacant commercial premises, which the borrower was converting into 116 apartments and at the same time adding a new extension to the block to provide another 29 apartments. At the time, the conversion works were complete, but the newly created extension was a few months away from PC.
Structure
Loan / LTV facility of £19,5m v GDV of 30.1m / LTV 65%
Loan 1 – Sales Period for Completed Units
Loan 2 – Dev Facility for Part Completed Units
The above loans were cross collateralised and when the part completed units reached PC the two loans were restructured into 1 sales period facility, which incorporated a rate reduction from the development facility.
Case Study: The Fisheries
An experienced UK borrower renovating and refurbishing various sites including the Natural History Museum, whilst simultaneously expanding his successful café brand. This project, the first major planning gain and development project, was well underway with private investor capital. The term of the loan was nearing the end with the rate to move from 9% up to 15%.
Client needed to re-finance the £19.2m existing debt and in addition, borrow a further £1m to complete the development - plus allow for £1.3m of interest, charges and other associated professional fees.
Structure
Loan / LTV – facility of £21.5m to cover all necessary costs to complete the project against a GDV of £37m / 58% LTV.
When the part completed units reached PC, the rate reduced by nearly 1% PA - with a further 1% reduction upon completed sales of the residential flats reducing the LTV to 50%.
Case Study: Equinox Luton and Witham
The borrower was working with a group of investors to profitably carry out property development projects. The client was seeking a refinance loan to repay an expiring development facility secured on two developments. One scheme
consisted of 98 newly completed apartments and the second consisted of 66 newly developed but part completed apartments. At the point of introduction, the Witham site had reached PC but the Luton site was only part complete, with decorative & snagging still to be finished.
Structure
Loan / LTV - We agreed funding of c. £19m v GDV £28m / LTV 68%
Loan 1 – Sales Period for Completed Units
Loan 2 – Dev Facility for Part Completed Units
The above loans were cross collateralised and when Luton reached PC, the facility was restructured to a sale period loan, reducing the rate. The rate then
reduced further with sales.
Contact Abbey Capital
Email: craig@abbeycapital.co.uk
Call: 07769 154266
Address: 11 Devonshire Mews, London, England, W4 2HA
Website: www.abbey-capital.co.uk
Partner with Abbey Capital to help your clients secure smarter finance.
Contact Craig Booth, by emailing craig@abbeycapital.co.uk or calling 07769154266 for more information.
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