Boyes Turner's Property finance service acts for both lenders and borrowers. It has a particularly large roster of banking clients and over the last 12 months has acted for most of the major national lenders on property transactions. It has also advised many boutique property funders and private equity investors on property finance arrangement for primary and secondary funding.
The service also works for pensions companies and advisors for SSAS's and SIPP's in relation to the provision of funding.
Property finance expertise includes:
- Preparation and agreement of facility documentation.
- Dealing with the preparation and registration of legal charges.
- Providing letters of opinion and arranging foreign legal opinions.
- Collateral warranties incorporating "step in" rights.
- Parent company guarantees and performance bonds.
- Negative pledges, cross company guarantees and cost overrun guarantees.
- Acting for receivers selling properties on behalf of banks and other lenders.
- Dealing with the assignment of the benefit of building contracts, warranties and the copyright in architect's drawings.
Recent work includes:
- A £10 million refinancing of transactions in relation to partially completed and completed developments. These comprised both residential and business units and included the organisation of a foreign legal opinion, legal charges, assignment of the benefit of the building contract, collateral and professional warranties.
- Acting for a national lender charging properties owned by a private developer for a total facility of £13.5 million with warranties from the construction and professional team as well as satisfying the lender as to the position concerning complex rights of way affecting the site.
- Acting for a national lender taking a charge over an industrial complex with a GDV of £8 million.
- Acting for a national lender taking a charge over part of a large development that was to be developed as affordable housing with completion being delayed until "golden brick" for VAT purposes with extra security simultaneously being taken by the bank over another site owned the registered providers.
For more information please contact Mark Appleton on 0118 952 7246 or [email protected]