Unbranded Finance closes £ 36million loan for shopping center
Edinburgh-based non-bank lender Unbranded Finance has finalized its largest and most complex loan yet.
In partnership with property management firm Westbrook Partners, the two-year £ 36million facility has been provided to a subsidiary of London-based development firm Boultbee LDN, to refinance The Maltings shopping center in St Albans.
The loan was advanced within six weeks of the agreement of the terms and the start of due diligence.
Andrew Smith, co-founder of Unbranded Finance, commented: “A great deal of due diligence has been undertaken in a relatively short period of time, and so all credit to the teams on both sides.
“The Maltings is a key retail asset that has been extremely resilient during the pandemic and has significant potential to add value over the coming months. “
The Maltings comprises 300,000 square feet of retail, office and other commercial space leased to approximately 100 occupants, including TK Maxx, Wilko and H&M.
It also has 31 long-lease residential units and an 800-space parking lot, all on a six-acre site in the heart of the city.
Steve Boultbee-Brooks, President of Boultbee LDN, added: “Despite being in the midst of a pandemic and challenging trading environment, The Maltings continues to turn the tide with a steady rally trading at 98% d ‘occupation.
“Unbranded Finance and Westbrook have shown an experienced, professional and pragmatic attitude in getting things done.”
Unbranded Finance was established in 2020 by real estate investors and developers Andrew Smith and Oliver Holt, with the aim of offering fast and flexible loans secured by real estate assets.
The business targets lending opportunities underpinned by strong fundamentals, where a quick withdrawal is required, or when the deal is outside the criteria of most other lenders.
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