FRP’s Real Estate Advisory team has arranged a £3.3m commercial property refinance for a portfolio of two central London offices and an industrial asset in Staffordshire. One of the London offices is vacant, while a well-known consumer brand lets the Staffordshire asset. The portfolio is valued at around £7.45m, and the new facility replaces existing debt held with two lenders.
The three-year loan was agreed at 44% LTV with no personal guarantees. The lender underwrote the portfolio as a whole rather than asset by asset, which gave weight to the let assets, including a long-let, institutionally backed tenant in Staffordshire and strong recent interest in the vacant London office, rather than the gap left by that vacancy alone.
A finance advisor in the Real Estate Advisory team led the commercial property refinance after colleagues in FRP’s Birmingham restructuring team referred the case. The Birmingham team had identified the client’s refinancing requirements and passed the opportunity on, so a solution could be structured for a part-vacant, multi-asset portfolio spanning two regions. The client did not look outside FRP for the work.
The portfolio sits within a Mauritian trust structure, which added complexity. Completion also depended on the borrower selling a separate property to repay part of the existing debt.
“There were cheaper facilities on the market, but the client was clear that the lender’s approach–commercial, proactive, and always ready with a solution rather than a roadblock–made the difference,” said Sam Beaumont, finance advisor with the Real Estate Advisory team at FRP.
“Despite the complexities involved, it made for a genuinely smooth transaction to deliver.”
“It’s a good example of how useful FRP’s breadth can be for a client,” he added. “This one came to us through our Birmingham restructuring team, who recognised the refinancing need and knew who to bring it to internally. That kind of internal collaboration means clients get access to the right specialists quickly, without having to go looking for them themselves.”
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