Type: Senior Loan Acquisition
Loan Amount: £6.375m
Term: 12 months
Location: Covent Garden

AT A GLANCE
GRE Finance provided a 12-month senior loan of £6.375m secured by way of a first charge over a freehold building in London’s Covent Garden, comprising 11,000 sq ft of offices and four residential flats. The client intended to construct two additional floors and refurbish and reconfigure the office space.

THE BRIEF
The client is a property development and investment company specialising in mixed-use central London developments. The client wanted to purchase Lupus House, a building in Covent Garden, comprising 11,000 sq ft of offices and four residential flats on the upper floors. The business plan was to obtain planning permission for the redevelopment of the property, or if this proved difficult, then to carry out a refurbishment programme and relet the building to maximise rents and increase the property’s value.

THE SOLUTION
GRE Finance provided a 12-month senior loan of £6.375m. We were confident in the planning potential and the sponsor has an extensive track record of successful planning applications for similar schemes in the borough.

THE OUTCOME
Our deep understanding of the Central London real estate market allowed us to recognise the opportunity presented by Lupus House and structure a lending solution that met the client’s unique needs.