Pure Structured Finance drew on its relationship with a European fund in order source the money needed in the timeframe given.
Pure Structured Finance has teamed up with a 'rival' brokerage in order to help a client that needed specialist sourcing for a property development with significant complications.
The client was unable to source the £1.5m that was needed, as the deal needed to be completed within two weeks.
Pure Structured Finance drew on its relationship with a European fund in order source the money needed in the timeframe given.
The client had not sold enough of the units from a previously completed development, and needed the remaining £1.5m to meet their assumed equity contribution for their new deal, based in Manchester.
The lender structured the finance as if it were a true equity play, by taking shares in the company buying the scheme, although technically it was a mezzanine loan.
However, the lender waived their voting rights, allowing the client full control of their scheme.
Pricing has also been kept at 16%PA with minimal fees, to ensure the profit level remains fair for the client.
The client is now exploring other potential schemes to work on with the fund.
Pure Structured Finance and the other brokerage are looking at more deals to work on together.
Tom Lee, director of Pure Structured Finance, said: “When we were approached by this brokerage, we were surprised, but also delighted as we knew exactly the lender to go to to complete this deal.
"It’s always a satisfaction being able to help property developers get the finance they need, but even more so when there are restrictions with other brokerages, and goes to show how important relationships are between brokerages, lenders and clients - it’s a very symbiotic relationship for everyone!”
