Cynergy Bank provides £2.5m term loan to Simeon Anderson
Simeon Anderson, owner of Clifton Securities, a London based boutique real estate investor, now has the capital to invest in its business following £2.50m term loan from Cynergy Bank.
Simeon Anderson, a new to bank customer, specialises in the acquisition, development and asset management of prime commercial and residential property.
This loan was secured against Wotton Works, a converted mixed-use development. The property was formerly an interwar aircraft factory in North West London.
The £2.50m was split, with £1.87m used to repay an existing development finance loan and the remaining £600k used to facilitate another property to add to the customer portfolio. The loan-to-value ratio was 46% LTV and a 3-year term, to tie in with commercial lease break clause.
The mixed-use development, a remodelled industrial building provides 650 square metres of creative commercial workspace on the ground floor with a 530 square metre contemporary penthouse above with two roof terraces.
The transaction was arranged by Craig Booth at Abbey Capital.
Simeon Anderson at Clifton Securities said: “It was terrific to partner with a bank who were supportive of a sustainable conversion in an area that is on the brink of change. A number of the other lenders with whom we engaged could not get comfortable with the immediate area or the reuse of the existing structure, despite the attractive product we have created in a burgeoning residential district and with a relatively low loan to value.”
Daniel Narwal, associate director, Cynergy Bank commented: “We are pleased to be able to support Simeon on this transaction. The conversion was carefully considered with focus on energy saving initiatives improving the carbon footprint of the building. We took a lot of time to understand Simeon, his needs and the scheme presented to us which enabled us to agree a transaction that was great for all parties.”
Cynergy Bank reached a significant milestone earlier in 2021, lending over £200m to SMEs through the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS).
The bank was able to assist both existing and new customers, with 57% of loans going to existing customers and 43% to new customers.