FRP structures £3.3m refinance for Central London and Staffordshire commercial portfolio
The Real Estate Advisory team at FRP has arranged a £3.3m facility to refinance a commercial portfolio comprising two office assets in central London, one of which is currently vacant, and an industrial asset in Staffordshire let to a well-known consumer brand. The portfolio is valued at around £7.45 million, with existing debt across two lenders being refinanced by the new facility. The three-year loan was agreed at 44% LTV, without personal guarantees, with the lender underwriting the portfolio as a whole rather than asset by asset. That approach gave weight to the strength of the let assets, including a long-let, institutionally backed tenant in Staffordshire and strong recent interest in the vacant London office, rather than the gap left by that vacancy alone.
The transaction was led by Sam Beaumont, finance advisor with the Real Estate Advisory team at FRP, after the case was referred to him by colleagues in FRP’s Birmingham restructuring team. The Birmingham team had identified the client’s refinancing requirements and brought the opportunity to Sam to structure a solution for a part-vacant, multi-asset portfolio spanning two regions. The client did not need to look outside FRP for that cross-pillar expertise.
The portfolio sits within a Mauritian trust structure, adding a further layer of complexity. Completion was also contingent on the borrower selling a separate property to repay part of the existing debt.
Sam commented: “There were cheaper facilities on the market, but the client was clear that the lender’s approach–commercial, proactive, and always ready with a solution rather than a roadblock–made the difference. Despite the complexities involved, it made for a genuinely smooth transaction to deliver.
“It’s a good example of how useful FRP’s breadth can be for a client. This one came to us through our Birmingham restructuring team, who recognised the refinancing need and knew who to bring it to internally. That kind of internal collaboration means clients get access to the right specialists quickly, without having to go looking for them themselves.”