£5m
Loan amount
0% (CBIL)
Interest rate
50%
LTV
CBIL loan for a long established industrial estate
THE CHALLENGE
Our client was under pressure to repay existing debt to their long standing clearing bank, having been through a tough year, impacted by COVID. The clients portfolio was significant but mostly made up of development plots, with little income to support new debt.
THE SOLUTION
The government backed CBIL scheme was a perfect solution. Interest free debt for 12 months, allowing the borrower time to recover and put the portfolio back on a stable footing. Bircroft worked closely with the borrower to get the CBIL loan drawn within the restricted timeframe.
KEY WINS
- Working with a client that has banked with one lender for 25yrs and so had little idea of the current hurdles for refinancing debt, especially for a CBIL loan
- Bircroft played an instrumental role in cutting through the problems against a strict completion deadline