Loan secured against a Grade II listed commercial building in Brighton

Loan amount: £2,600,000

LTV: 57.78%

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.