AFIG Complete Equity Raise Against Industrial Property

Share this story

The words ‘industrial’ and ‘vacant’ together are not usually what you want to hear when acting for a long standing client looking to raise equity to put towards their next largescale project.

However, thanks to close relationships, effortless determination to succeed and the necessity to maintain the standards our borrower was used to, we reached out to our friends at BRYCG to partner with us to get it over the line.

The property, a recently refurbished industrial unit, earmarked for distribution, had historically been strategically bought out of receivership by the borrower, as it lay adjacent to a piece of land which had planning for a 135,000ft2 distribution centre. In order to progress that site further, AFIG & BRYCG arranged a loan of £800,000 to add to the development funding of the adjacent site, which was well on its way to being drawn.

BRYCG were incredibly adaptable and just before close, a tenant was in fact found, which would have seen other lenders need to re-assess the loan, however, just a few quick calls and manuscript amendments, together with a an updated valuation report allowed the facility to be drawn.

The client is now looking to complete the larger phase alongside AFIG in the coming weeks, but this loan was pivotal in realising the bigger picture.

If you want to discuss more about our Bridging Finance service, do not hesitate to get in touch today!

Still Have Questions? Get In Touch!