Case study 1

First charge loan secured against a Grade II listed commercial building in Brighton.

LOAN AMOUNT: £2,600,000

LTV: 57.78%

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 to include a 5* hotel within the mixed-use scheme.

Exit was development finance, once planning had been obtained. A prestigious hotel operator was already lined up and discussions have already been held regarding sale of the residential units.

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 needed to obtain a legal opinion which confirmed that the documentation and transaction was in line with the law.

Pivot lent against the commercial use market value, considering vacant possession and 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.