Selected transactions

£47m

Part-built scheme recapitalised after contractor insolvency. Replacement senior with £6.4m mezzanine.

Issue — incumbent lender in default; works stopped five months.

£31m

148 build-to-rent apartments, forward funded. Senior at 68% LTC, institutional forward commitment at PC.

Issue — fixed-price contract required before credit.

£26m

Refinance and rebrand of a 140-key city-centre hotel, senior sized on adjusted EBITDA with a £3.5m capex facility.

Issue — brand transition mid-term.

£23m

Acquisition of a five-unit logistics portfolio, senior at 65% LTV sized on interest cover at a stressed rate.

Issue — two units within 18 months of break.

£22m

214-bed PBSA development, senior at 65% of cost with a nomination agreement in place.

Issue — delivery required before the academic year.

£18.6m

Prime freehold refinance via offshore SPV. Senior at 55% LTV, 24 months, serviced from non-UK income.

Issue — non-UK borrower, multi-jurisdiction funds.

£16.8m

En-bloc refinance of 84 tenanted apartments onto a five-year investment facility at 67% LTV.

Issue — remediation works outstanding on two cores.

£14.5m

Refinance of a part-let city-centre office with a £1.8m capex tranche for subdivision and re-letting.

Issue — 41% vacancy at drawdown.

£13.6m

Acquisition of two care homes with 118 beds, opco/propco structure and a £1.2m compliance capex tranche.

Issue — one home rated requires improvement at exchange.

£12.4m

74-key trading hotel, acquisition and refurbishment. Senior at 62% LTV, £2.1m capex tranche against certified works.

Issue — two years of part-closure in the accounts.

£11.2m

Part-let mixed-use block refinanced ahead of a maturity deadline, with a capex tranche for the vacant retail element.

Issue — four weeks to maturity at instruction.

£9.2m

Distribution unit converted to 62,000 sq ft self-storage. Development debt rolling to a five-year term at 65% occupancy.

Issue — sponsor's first operational asset.

£8.75m

41-acre strategic site with resolution to grant. Senior, interest fully deferred, further tranche on decision notice.

Issue — no consent at exchange.

£7.4m

Purchase and heavy refurbishment of a country house held in trust, day-one advance with a £1.9m works tranche.

Issue — trustees as borrower with beneficiary consents required.

£6.5m

Refinance of two trading stores onto a single investment facility sized on net operating income.

Issue — cross-collateralisation across two SPVs.

£4.2m

Acquisition of a promotion agreement interest over 96 acres, senior at 58% of assessed value.

Issue — value dependent on a third-party promoter timetable.