UNBRANDED Finance, a non-bank lender set up in 2020 with offices in Edinburgh and London, has announced completion of its ‘largest and most complex’ loan to date.
In partnership with Westbrook Partners, the global real estate investment management company, the two-year £36 million facility was provided to an affiliate of London-based private real estate investment and development company, Boultbee LDN, to refinance The Maltings Shopping Centre in St Albans.
Unbranded Finance revealed the loan was advanced within six weeks from agreement of terms and commencement of due diligence.
Andrew Smith, co-founder of Unbranded Finance, said, “It was a pleasure to work with the team at Boultbee LDN on this transaction, which was completed within the timescales set by the borrower. A large amount of due diligence was undertaken within a relatively short period of time, and so all credit to the teams on both sides.
“The Maltings is a key retail asset which has been extremely resilient during the pandemic and has significant potential for value-add over the coming months. We are excited to have partnered with Westbrook on this transaction, a relationship we look forward to building upon.”
Steve Boultbee-Brooks, chairman of Boultbee LDN, added, “Extraordinary events call for the most extraordinary professionals. Despite being in the middle of a pandemic and a harsh trading environment, The Maltings continues to buck the trend with a steady recovery trading at 98% occupancy. Unbranded Finance & Westbrook demonstrated an experienced, professional and pragmatic attitude to getting things done. I am most pleased to have worked with both companies to achieve this result in a short period of time.”
The Maltings comprises 300,000 sq ft of retail, office and other commercial accommodation let to around 100 occupiers, including TK Maxx, Wilko and H&M, plus 31 long leasehold residential units and an 800-space car parking operation.