Vintage Wealth Completes Record Breaking £38.31 million Bridging Loan

16 March 2021

Vintage Wealth Management, part of the Vintage group of companies (Vintage), one of the UK’s premier independent financial advisory and wealth management businesses, has announced the completion of its first commercial property loan since the appointment of Joel Kersen to head the Commercial Finance team in January.

The multi-faceted debt facility, valued at £38.31 million, was arranged on behalf of an existing Vintage Wealth client, a seasoned property developer operating in London and the South-East. They approached Vintage to refinance an existing bank facility on a short-term basis to enable completion of a development opportunity as the current lender had withdrawn its support and demanded repayment of its loans, making a swift solution critical to the client’s ongoing business viability.

With the existing client relationship held by co-founder of Vintage, Robert Stein, Kersen’s joining the team brought a number of long-standing relationships with specialist finance lenders, and it was ultimately one of these providers who were able to work closely with the Vintage team to identify and deliver the optimal solution for the client within the extremely tight timescales required.

The loan was secured against a property portfolio comprised of various semi-commercial assets including retail and office space, valued at approximately £27 million, and a development site with planning permission at a current value of £32 million. The total loan value of over £38m was agreed and closed in six weeks to meet the client’s urgent requirements. This included due diligence on a number of diverse and complex multi-jurisdictional portfolio assets including offshore limited companies and trust structures.

Commenting on the transaction, Robert Stein said: “We are delighted to have completed our first bridging loan since establishing the Commercial Finance division at the start of this year, as we look to write £100,000,000 of business in 2021.

“This was a challenging assignment for all parties concerned. A client with urgent needs to find a solution, given the pressures being placed on him by his existing lenders, a complex portfolio of assets in multiple jurisdictions ruling out many potential lenders and all against a backdrop of Covid-induced restrictions making interaction and interface difficult. We were certainly grateful for the ability of Zoom calls to help instil trust and establish a rapport between all the parties throughout the project.”

Kersen added: “We’re both pleased and relieved to get this deal across the line for the borrower and buy them some valuable breathing space given the circumstances they faced and the various complexities behind this case. Having worked with this lender countless times over the years, I was confident that once they were able to meet our client and drill down into their background and the rationale underpinning the proposition, they were ideally structured and commercially minded in a manner that could facilitate this case where others might not.”

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Notes to editors:

The Vintage group of companies are one of the UK’s premier independent financial advisory and wealth management businesses. The Vintage brand was established in 2004 following a merger between two eminent independent financial advisory firms, Aztec Financial Limited and Bond & Stein plc. The Vintage group of companies now has assets under advice and/or management in excess of £1.25 billion, with an annual turnover in excess of £9.5 million*.

With 130 employees, including over 20 FCA fully-regulated individuals, operating from four offices across London, Vintage’s five group companies – Vintage Wealth Management, Vintage Corporate, Vintage Asset Management, Vintage Health and Vintage SSAS Services – provide a full holistic wealth management service including:

• Independent Financial Advice
• Private Medical Insurance
• Employee Benefits
• Mortgages
• Asset Management
• SSAS Support Services

Clients range from individuals, families and SMEs through to international, multi-site quoted companies with up to 5000 employees. Vintage has also established successful joint ventures with several prominent London-based accountancy firms, including white labelling of its financial service offering for three of the top 75 UK accounting firms.

For further information, see:

• vintagewealth.co.uk
• vintageassetmanagement.co.uk
• vintagecorporate.co.uk
• vintagehealth.co.uk
• vintagessas.co.uk

(*as at 1 December 2020)