Retail & Leisure Funding
Our client was under pressure to redeem existing debt having agreed a short-term extension on on their mixed use commercial portfolio. Their initial requirement was for a combination of senior debt and mezzanine to satisfy the leverage position at 65%. Covid-19 impacted the sector including both Retail and Leisure.
Bircroft was able to avoid expensive Mezzanine finance as well as the hassle of two lenders and associated inter-creditor documentation by persuading the senior lender to offer the full loan amount required, well above their credit policy maximum (55%).
- Stretched leverage at senior debt pricing
- Completion within target deadline
- Competitive terms secured despite Covid-hit sector