Mortimer Street Capital has announced that it has completed an £8.25m multi-asset bridging facility with Lendhub to support the acquisition and repositioning of an £11m portfolio of London residential properties held across three newly created SPVs.
The transaction enabled the transfer of assets from a complex ownership structure arising from a divorce settlement into new SPVs for a single client. Mortimer Street Capital introduced and structured the funding, drawing on its experience in portfolio-based and multi-SPV transactions.
A 12-month bridging facility priced at 0.79% pcm allowed the client to use gifted equity as the deposit. The structure also included a £900,000 day-one capital release to fund refurbishment works, lift rents to market levels, and stabilise income ahead of refinance. The portfolio was income-producing at completion.
Key features of the facility included:
First legal charges across all assets
Debentures and personal guarantees
A coordinated completion across three SPVs
Funding aligned to a refurbishment and rental stabilisation programme
Following completion of the works and rental uplift, Mortimer Street Capital will remain involved to arrange the refinance onto longer-term funding.
Mortimer Street Capital focuses on providing debt and equity funding solutions for property investors, developers, SMEs and high-net-worth clients.
“This transaction further reinforces our team’s strong track record in delivering bespoke finance solutions for clients with complex requirements,” said Justin Towse, managing director (pictured).
“I’d like to personally thank Theo Goodman at Lendhub and the supporting legal teams for their hard work in getting this transaction over the line.”
“We appreciate Justin’s comments and the collaborative approach taken throughout,” said Theo Goodman, credit manager. “This was a transaction that required careful structuring from the outset, with multiple SPVs, gifted equity, and a day 1 capital release all forming part of a single coordinated completion.”
“Our ability to assess the portfolio holistically and tailor the facility around the client’s specific needs is what made this possible. It’s a great example of what we can deliver on larger, more complex transactions, and it was a pleasure working alongside Justin and the Mortimer Street Capital team to get this over the line.”
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