HCR were instructed by a bank in connection with a refinance of three mobile home parks with a loan value of around £14m. The deal was complex; it involved a share acquisition (by a newly incorporated SPV company) of the company which owned the main asset, as well as a third-party security being given by two group companies over two other assets.
Clare Day, head of HCR’s finance and financial services, led a team of real estate and banking lawyers to work on the suite of security documents needed and the property due diligence, in order to ensure the properties were adequate security for the bank. Jennifer Staples of our corporate team advised on the share purchase agreement and ownership structure of the target company and holding company.
The teams worked closely together to ensure that all of the bank’s conditions for drawdown of the loan were satisfied within the borrower’s timescales, enabling the parties to meet the target completion date.
The bank’s COO emailed Clare to say: “I would just like to add a personal thank you to everyone…. great effort.”
Clare Day said: “I felt really proud to be part of this team. Everyone worked tirelessly against some very tight timescales, but everyone played their part which ended with a great result for our client.”