Re-financing existing debt
Our client (an experienced asset manager) was faced with a difficult situation with their existing funder where falling values (post credit-crunch) alongside the mis-selling of hedging products, had led to a fractured relationship between borrower and lender. The leverage requirement was high for a market with negative sentiment at the time of funding.
Bircroft successfully re-financed the existing debt through a combination of lenders, totalling c£10m at approx. 80% LTV. The re-finance enabled the client to repay their outstanding debt in full, whilst improving their cash-flow position on the portfolio to facilitate Capex requirements over the next two years.
- Successful negotiation of re-financing
- Debt repaid in full with improved cash-flow