Lexi Finance have structured two loans with one lender totalling £46.5 mln (€54 mln).
Lexi Finance has supported Lainston Investments & Stockwell Property on the strategic consolidation of their 231-unit mixed use portfolio with a £29.5 mln loan. The secured assets include 215 residential units and 16 commercial properties spread across the South Coast of the UK with a value over £45 mln. These were consolidated as part of a simultaneous corporate restructure.
The complexities of the refinance were compounded by the fact that the 22 incumbent lenders, a mixture of high street banks, commercial property funds and bridging lenders, each had previously secured debt at various leverage points across the portfolio and had to be refinanced simultaneously. Concurrently, seventeen additional assets were also brought into the portfolio through acquisition.
Separately, a £16.2 mln loan is structured for the acquisition of a £32.0 mln regional office.
Russell Clarke, founder of Lainston Investments and Stockwell Property, commented: ‘The refinance has allowed us to consolidate our position with one relationship lender and recognises the years of hard work that has gone into building-up and managing the portfolios.’
Charlie Armstrong, co-founder of Lexi Finance, said: ‘Securing insurance line funding on a 20-year term allows Russell and his team to focus on asset management, consolidation and growth with the ability to add future acquisitions to the portfolio.’
