Arbuthnot Latham provides LAC Property Ltd with £33.75m loan to drive growth
Arbuthnot Latham, the private and commercial bank, has provided London-based LAC Property Ltd with a £33.75m loan to help drive the business’ growth and acquisition strategy.
The deal involves the refinance of a 91-unit residential portfolio, with a six-year term loan. LAC’s portfolio is a mix of new build flats and houses alongside many larger period properties all located in Islington, London.
LAC is a family-owned business with a forty-year history of property acquisition. The loan facility on its portfolio was due to mature in January 2021, so a fast turn-around for the refinance was made clear from the outset.
This type of residential portfolio, owned and operated by an experienced management team, is exactly the kind of deal that the Real Estate Finance team at Arbuthnot Latham are used to delivering.
James Wright, Managing Director at LAC Property Ltd., said: “Well in advance of maturity on our existing facility, Demi and I met with banks to discuss potential refinancing options. From the first meeting with Arbuthnot Latham, the bank impressed with their competitive terms and keen approach to understand our business properly. Kevin Barrett, MD of banking and Anna Hirst, Senior Commercial Banker managed the transaction fairly and streamlined a process that can become cumbersome very easily. I was looking for a long-term banking partner who we could grow with. Kevin was very encouraging from our first meeting until drawdown and clearly echoed these sentiments. Working with Anna Hirst was easy and I found the approach she and Poppy Morrissey took to be reasonable, pragmatic whilst being wholly conscious of timing involved.”
Anna Hirst, Senior Commercial Banker at Arbuthnot Latham commented: “LAC Property Ltd. needed a team who could deliver on fast deal execution making decisions quickly and commercially, which we were able to provide. James and his team plan to continue to invest in its existing portfolio and to target growth through further property acquisitions.”