A Devon-based specialist manufacturer was just about to complete the £1.15M purchase of its trading premises when a £230,000 pension fund contribution fell away at the last minute.
An £805,000 commercial bank facility was already approved, but the deal couldn’t proceed without quickly replacing the missing equity at speed.
We structured a £230,000 bridge to an SPV. It was secured by a first charge over the directors’ principal residence on a third-party basis and two personal guarantees. Since we were close to the deadline, we took a pragmatic view not to require a debenture, avoiding additional credit and security approvals within the senior debt structure.
Timeline
Day 1: Introduction
Day 4: Approval
Day 9: Completion
The transaction required the rapid resolution of complex title and access issues, alongside coordination between multiple stakeholders. All this had to happen against a tight deadline and a main bank facility that was at risk of running out of time.
Nicholas Shepherd of Bricks said: “We’re well equipped to handle new secured commercial bridging and are always happy to chat about time-sensitive or complex transactions.”
An £805,000 commercial bank facility was already approved, but the deal couldn’t proceed without quickly replacing the missing equity at speed.
We structured a £230,000 bridge to an SPV. It was secured by a first charge over the directors’ principal residence on a third-party basis and two personal guarantees. Since we were close to the deadline, we took a pragmatic view not to require a debenture, avoiding additional credit and security approvals within the senior debt structure.
Timeline
Day 1: Introduction
Day 4: Approval
Day 9: Completion
The transaction required the rapid resolution of complex title and access issues, alongside coordination between multiple stakeholders. All this had to happen against a tight deadline and a main bank facility that was at risk of running out of time.
Nicholas Shepherd of Bricks said: “We’re well equipped to handle new secured commercial bridging and are always happy to chat about time-sensitive or complex transactions.”
Go back to success stories
Experience, standing by you
Founded in 2014 with over 90 years of combined property, finance and legal expertise, the Bricks Finance team help local people to access finance easily and quickly by offering bespoke lending using their own funds as well as those from investors.
