Mortimer Street Capital (MSC) has arranged a £27.5m commercial refinance bridging loan facility with Leumi UK.

The completion is the firm’s largest deal since it launched in January this year.

The client, who is a landlord and developer, who also owns a construction business, was seeking terms for a portfolio of commercial investments across several legal entities.

They held a current facility with a UK clearing bank but were unable to renegotiate terms, so approached MSC to investigate other options that may be available to them.

MSC was instructed by the client to structure a facility and explore options in the market that included commercial properties, residential assets, land and development sites totalling 11 securities.

The facility also included in the security package was a site with an existing exchanged sale contract in place.

After approaching multiple funders, MSC was able to offer an 18-month term loan.

A specialist RE banking lawyer, Numan Sultan, a partner at Gunnercooke, was also referred by MSC to the client due to the complexity and requirements of this deal.

The loan was completed 11 weeks after the legals were instructed.

The exit strategy will be a multi-pronged approach through sale of some assets as well as refinancing of some of the properties which the client will retain.

Managing director at MSC, Hiten Ganatra, said: "The complexity of this deal makes the success of it very rewarding and so I am immensely proud of the MSC team in getting it over the line. A huge thanks to all parties that worked on the deal, who provided a creative solution for the client.

"Since launching at the start of the year, we delivered positive outcomes for many clients with complex deals like this, plus we have harnessed relationships with a number of lenders, like Leumi UK, who may not be widely known of."

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