Company Funding Options (CFO) is pleased to announce that we have helped a London law firm source a Property Finance, secured business loan, of £1.05m from Nucleus Commercial Finance.
The LLP practice with over 100 employees had had long-term banking facilities with Allied Irish Bank, which had sold the debt to hedge fund backed Promontoria in February 2018. The LLP approached Company Funding Options for refinancing solutions in August 2018 as their existing lender, Promontoria, was seeking full and final settlement of the overdraft and loans within a short time frame.
CFO searched the market for lenders that could act quickly, and Nucleus Commercial Finance was approached. It offered to provide a secured, interest only, property loan for £1.05m. Independent legal advice was obtained and the loan was secured with a debenture over the LLP and supported by security on a property owned by a designated member.
This loan will be serviced by the LLP cutting £350,000 a year from its costs.
Nucleus funds were secured to repay Promontoria in September 2018, thus allowing the law firm to “get on with our business of practicing law and looking after our clients.”
If your company or LLP has pressure to refinance existing loans or its debts have been sold to collectors, do get in touch with Company Funding Options for expert advice