Type: Senior Loan Acquisition
Loan Amount: £7.35m
Term: 18 months
Location: Islington, London

AT A GLANCE
GRE Finance provided an 18-month senior loan of £7.35m, secured by a first charge over the Marlborough Building, London – an eight-storey 1960s building on Holloway Road previously used by City and Islington College.

THE BRIEF
The client wanted to acquire the property and submit a planning application for a mixed-use scheme, with a minimum of 50% affordable housing. Prior to redevelopment, the building was used by City and Islington College to provide classrooms and support accommodation, with a large café/common area and a reception at ground floor level.

THE SOLUTION
GRE Finance provided an 18-month acquisition loan to the borrower. Planning proposals outlined commercial space on the ground floor and basement, and residential accommodation above.

THE OUTCOME
The client was able to acquire the Marlborough Building for £10.5m. Though the property required a complicated change of use, GRE Finance found a finance solution that met the needs of the borrower, recognising a fantastic opportunity to bring back to life an exceptional building with strong potential.