Loan secured against a Grade II listed commercial building in Brighton
Loan amount: £2,600,000
Purpose: The borrowers were experienced developers looking to acquire a Grade II listed entertainment venue in the centre of Brighton, with the intention of applying for revised planning permission to include a 5* hotel within the mixed-use scheme.
Exit: Development ﬁnance, once planning had been obtained. A prestigious hotel operator was already lined up and discussions had already been held regarding sale of the residential units.
Interesting facts: Pivot was lending to an offshore based SPV, owned by an offshore trust, of which the beneficial owners were the borrowers. As the entity was offshore we obtained a legal opinion for the relevant jurisdiction. Pivot lent against the vacant possession value, personal guarantees were taken from the company shareholders and a debenture was taken over the company. The purchase was time sensitive and was completed within 5 days.