Crimscott Street

LEXI structured a term loan for the refinance of industrial assets in Bermondsey, with a combined value of £15.8 million.

The sponsor, an architectural design-led development firm, purposefully under-let and part filled a range of industrial assets with short-term tenants. This strategy was undertaken to enable the client to seek planning permission to reposition these assets to create a mixed-use development, with a projected GDV of £170 million.

The assets would not have met market income cover covenants, so LEXI ensured an interest reserve and capital guarantee were provided to secure finance at 4%pa.