We are delighted to be a finalist in the ‘Best Development Finance Broker of the Year ‘ category at the 2019 Business Moneyfacts Awards.
Julian King joins the Arc & Co. team
Julian is the latest addition to the structured finance team. Julian began his career in Real Estate after graduating from Oxford Brookes University working for a well known London estate in Knightsbridge. He then moved on to follow his passion into development establishing a successful career as a Land Buyer. Julian purchased sites across multiple asset classes including Residential, Commercial, Retail, Retirement and Student Accommodation. More Recently, Julian has advised National clients on recruiting land personnel to bolster their land teams regionally. Julian Joins Arc & Co. bringing with him Development experience, to advise his clients on achieving the most efficient, tailored finance solutions for them and their businesses.
To connect with Julian, drop him an email at julian@arcandco.com
Arc & Co. Secures Extra Time for Bridging Client
Time was of the essence for Jamie Rigby of Arc & Co. to arrange mortgage funding on several houses for his client in Leicestershire.
Jamie Rigby’s client had gained planning permission for several houses to be built within the extensive grounds of their current home. The client planned to sell the plots to a local builder, but when the builder pulled out of the deal at the last moment, this left Jamie’s client with a bridging loan that was about to expire.
“My client was concerned that he had to find another buyer within such a short space of time before his bridging finance ran out”, Jamie comments. “We needed to extricate my client from the bridging finance and secure some longer term funding. However, whilst still an active businessman, he was of pensionable age, which can often be a stumbling block to some lenders when looking at a more conventional lend.”
Well aware that lenders can often be initially keen to do the deal yet change their mind further into the process, Jamie was keen to avoid such a situation given the short time frame before his client’s funding ran out.
“We worked closely with a smaller lender who was able to consider our case and work with the extensive due diligence we had prepared”, Jamie states. “We managed to obtain funding based on the strength of the client, which resulted in an additional 3 year term and at a rate of 2.99%”. The client was relieved, and this now allows the plots to be properly re-marketed for another buyer.
To arrange an appointment with Jamie at Arc & Co.’s Oxfordshire office please find his contact details below:
Jamie Rigby
Arc & Co. Private Client
Financial Consultant
Office: +44 (0) 1295 793170
Mob: +44 (0) 783 394 2392
Email: jamie@arcandco.com
Arc & Co. quickly secures mortgage for purchase of derelict Cotswold property
Time was of the essence for Jamie Rigby of Arc & Co. to arrange mortgage funding on a complex property in the Cotswolds. Jamie’s client had agreed to purchase a derelict property together with adjoining farmland, and there were pressures upon the client to complete the purchase quickly.
“Derelict properties are difficult to fund due to a number of the larger mortgage lenders shying away from uninhabitable properties or properties with development risk”, Jamie comments on the scenario. “In this particular situation, the property also included an agricultural element and so was arguably mixed use, which can be another barrier for some lenders. Given the timing pressures in addition it was important to get our approach to a lender right first time, ensuring that all potential concerns were addressed prior to bank presentation”.
Jamie’s excellent local professional relationships came in to their own. “Understanding the bank processes meant that I had to anticipate the hurdles leading up to a concrete mortgage offer. I worked closely with a local valuer, making a formal inspection of the property ahead of instruction” Jamie explains. “This meant that by the time the bank was able to formally instruct the valuer, a draft report was already prepared, shaving days off the lead time. The choice of Solicitor is paramount when deadlines are tight and so I introduced my client to a Solicitor who I knew would be able to handle the conveyance within the time-frame. All this meant that from the formal application we had a fully credit backed mortgage offer together with completed valuation report within 6 working days. For me, it really highlights the need have the right professionals on the job.”
The client was absolutely delighted with Jamie’s hard work, commenting “all professionals worked hard on our behalf but Jamie really was the driving force here”.
To arrange an appointment with Jamie at Arc & Co.’s Oxfordshire office please find his contact details below:
Jamie Rigby
Arc & Co. Private Client
Financial Consultant
Office: +44 (0) 1295 793170
Mob: +44 (0) 783 394 2392
Email: jamie@arcandco.com
Arc & Co. Advise on the Finance of a Bombardier Global 5000
With a heritage dating back to the very first business jet, Bombardier Business Aircraft has at its core a forward looking, innovative spirit that is embodied by its people and the aircraft they have proudly manufactured, sold and supported over the last 50 years. It has been a pleasure to advise our client on the finance of a 10 year old Bombardier 5000. Despite the aircraft’s age, we were still able to arrange an asset only loan with no private bank connection. See below for an overview of the deal.
Client Location: Eastern Europe
Year: 2008
Loan: 10m USD
LTV: 75%
Term: 5 years
Amortisation: 50%
Ownership Structure: Maltese SPV
Rate: 4.25% all in
Deal structure: Asset only no Private bank connection
stock image courtesy of Bombardier
If you require advice on an upcoming purchase please get in touch with Gary Crichlow on the details below:
Tel: +44 (0) 20 3205 2128
Mobile: +44 (0) 77 951 28041
Email: gary@arcandco.com
Gary Crichlow Joins Arc & Co. To Take Aviation Finance To New Heights
Arc & Co. strengthen their Private Finance team with the addition of Gary Crichlow who specialises in aviation finance. Gary holds a degree in Aeronautics & Astronautics from the Massachusetts Institute of Technology and has worked in aviation finance for the past 12 years. Having previously worked as the aviation asset manager at GE Capital and Lombard, Gary has a deep understanding of the aircraft financier world. He has handled numerous aircraft transactions, sitting at the nexus of technical, appraisal, operational, financial, tax and legal expertise to drive deals to completion.
Andrew Robinson, Arc & Co. CEO, said of the addition ‘it’s a privilege to grow the team with someone who has the vast market experience such as Gary. He has first class aircraft asset knowledge and when combined with Arc & Co.’s financing skills it will provide real substance to our debt advisory platform’.
To get in touch with Gary to discuss a new or on going finance requirement use the contact details below.
Gary Crichlow
Arc & Co.
30 St. George Street, London W1S 2FH
Tel: +44 (0) 20 3205 2128
Mob: +44(0)7795 128041
Email: gary@arcandco.com
www.arcandco.com
Arc & Co.'s Quarterly Report
Arc & Co. Set Themselves Apart By Advising Client On Refinancing 18 Property Central London Portfolio.
This situation may not seem out of the ordinary at first glance. An 18 property portfolio valued in excess of £10m isn’t unusual, but the circumstances around the refinance made this a very complex deal. Case studies like this demonstrate how advisers at Arc & Co differentiate from their competitors. Daire Dowling, Managing Director of Arc & Co. Private Finance went well beyond what was expected and explains below why this was such an unusual case.
“The client wished to raise £6.3m against their £10.5m property portfolio in central London. Historic issues with rent, HMO licencing and planning made presenting the file to prospective lenders difficult. I worked closely with the clients tax advisers to switch the portfolio from a partnership to a Ltd company. This allowed the portfolio to be as efficient as possible. Once the new company was setup a full transfer was carried out with clearance from HMRC, in writing, that a stamp duty exemption would be allowed for the transfer of the assets. We then presented the client with a sharia compliant loan ,due to historic income being low, on a 5 year fixed rate at 4.3%.”
To speak to Daire about any finance requirement please use the contact details below:
Daire Dowling
Managing Director
Arc & Co. Private Finance
Tel: +44 (0)20 3205 2196
Mob: +44 (0)79 2936 9175
Email: daire@arcandco.com
ARC & CO. ADVISES ON £2.3M LOAN FOR THE SPECULATIVE OFFICE CONVERSION OF 200-YEAR OLD LISTED BUILDING IN IPSWICH
Mayfair-based specialist finance advisor, Arc & Co. today announced it has advised Pertwee Park Ltd on a £2.3m development loan. This loan allows for the conversion of one of Ipswich’s most well-known landmarks, an early 19th century building most recently used as a nightclub, into upmarket offices. High tech and media companies are likely to be the new tenants.
The Malting’s in Princes Street, is being converted by Pertwee Estates, the Colchester based business park developer run by brothers Mark and Julian Pertwee, who purchased the historic buildings from previous owner Ipswich Borough Council. The former entertainment venue, that previously operated as The Malthouse and before that as Kartouche and Hollywood nightclubs, has been standing empty for years.
Jeremy Robinson, Asset Finance Adviser at Arc & Co., said: “This was an unusual funding requirement in that it was a speculative development of office space outside of London. Without tenants already having committed to the property this adds a level of risk for any potential lenders making it harder to obtain good terms for the client. However, due to both the quality of the scheme and that of the client we were able to place the transaction on attractive terms by working closely with a supportive Lender.”
Mark Pertwee, Managing Director at Pertwee Park Ltd, said: “Our intention with The Malting’s is to create something new and unique in the area. This is a building with a very individual style and in its restoration we are celebrating its 200-year-old architectural heritage through a contemporary refurbishment. Princes Street, the corridor between the railway station and town centre, is now widely recognised as Ipswich’s prime business district.”
Adam Bovingdon, Property Development Director, United Trust Bank commented: “We were introduced to Mark Pertwee by Jeremy Robinson of Arc & Co. and asked to provide a development facility. The application presented by Jeremy was professionally put together and was accompanied by a number of impressive CGI’s showcasing how The Malting’s would look both internally and externally once complete.
We quickly arranged a site meeting with Jeremy and Mark who was able to talk us through his commercial development experience. United Trust Bank are very pleased to be able to support the project which, once finished, will provide high quality office accommodation in one of Ipswich’s most iconic buildings.”
To get in touch with Jeremy please use the contact details below:
Jeremy Robinson
Asset Finance Advisor
Office: +44 (0)20 3205 2199
Mobile: +44 (0)7976 737552
Email: jeremy@arcandco.com
Arc & Co. Advised On Over €28m of Superyacht Finance In Q3.
Last month’s Monaco Yacht Show showed everyone that the Superyacht market is as hot as ever. In Q3, Arc & Co. advised and completed on three remarkable Superyacht deals totalling over €28m.
Just as both the technology and size of Superyachts continues to progress, so are the ways in which they can be financed. It is important to understand your options and meet with an experienced marine finance advisor. Contact our specialist marine finance advisors at Arc & Co. on yachtfinance@arcandco.com to arrange a meeting.
ARC & CO. STRUCTURE £11M DEVELOPMENT EXIT FACILITY ON LUXURY 11-UNIT SCHEME IN SOUTH EAST LONDON
Mayfair-based specialist finance advisor, Arc & Co. along with bridging loan specialist, Octane Capital, today announced it has provided Arc & Co.’s client with an £11m development exit loan. The development exit loan provides the developer with extra time to sell units and additional working capital.
The loan is against a pre-practical completion luxury scheme in south east London comprising of 11 units, each valued at a minimum £1m. To date, one of the units has sold and two have exchanged.
The one-year exit facility, at 70% LTV (net), has given the developer enough time to carry out the remaining work on the units and additional funds to boost both working capital and cash flow.
John Kerrigan, Director, Structured Finance, Arc & Co, added: “The developer is a key client of Arc & Co but this particular scheme, despite strong fundamentals, had a number of complex issues to address that we knew would be beyond the comfort zone or skill set of many lenders. The Octane team have shown their ability in structuring complex loans and were pragmatic and persistent throughout.”
Alex Tyrwhitt, Head of Structured Finance, Octane Capital, commented: “This was a complex loan involving multiple moving parts but the support we received from Arc & Co was second to none and helped us get it across the line ahead of schedule. We look forward to working on many more deals with John and the team in the months ahead. They’re a sophisticated broker that understand the mechanics of even the most complex loan structures.”
If you have an existing or up coming project you would like some advice on please get in touch with John on the details below:
John Kerrigan
Director
Arc & Co. Structured Finance
Tel: +44 (0) 203 205 2124
Mobile: +44 (0) 750 822 5678
Email: john@arcandco.com
Arc & Co. Advises On Exit Bridge Loan For 200 Year Old Barn Conversions In Cumbria
Clients often turn to Arc & Co. when deals are particularly complicated, time-pressed or when high street lenders are not an option. All three were the case when David South of Hamilton South Limited, a Cumbrian property developer, approached Sam Le Pard, an Asset Finance Advisor from the Structured Finance team at Arc & Co. to arrange an exit bridge loan following the restoration and conversion of two fantastic 200 year old barns.
The client was looking for advice and assistance on arranging bridge finance against three stone barns in Cumbria. Two of the three barns had been carefully renovated, with work on the third yet to start. The original development facility was coming to the end of its term and needed to be re-financed on an exit bridge to allow the client a proper sales period to market the properties.
There were three factors that made this transaction challenging (and interesting!):
The assets themselves, 200-year-old Cumbrian stone barns converted into large family properties for the first time, were unique.
The location was particularly rural; and while great for hunting, fishing, golf, wildlife, and hiking (the properties are in view of the Lake District mountains), slightly unknown to certain mainstream lenders.
It was a race against time as the existing facility was coming to an end.
In the end, Arc & Co. worked closely with David South and Jon Salisbury of Ortus Secured Finance to arrange a £700,000 loan at a rate the client was very happy with. Arc & Co were able to use their knowledge of the finance market to match David South's unique project with Ortus' flexible lending approach to ensure the required funding was obtained.
David South was particularly pleased that Arc & Co took the trouble to visit the barns to get a proper feel for the opportunity in this relatively undiscovered area of North West Cumbria. David has kindly since asked us to act for him in structuring the finance for Phase 2 of his development.
The properties are currently being marketed by national agent Fine & Country who declared them as 'Awesome' and see a growing market opportunity for high end quality developments across North West Cumbria.
To get in touch with Sam please use the contact details below:
Sam Le Pard
Asset Advisor
Arc & Co. Structured Finance
Tel: +44 (0)20 3205 2195
Mob: +44 (0)79 1715 4432
Email: sam@arcandco.com
Case Study – How To Mortgage A £14m Property With No Income
Calculating how much a client could borrow to finance a property used to be very simple. Lenders would offer between 4 or 5 times their annual salary subject to the loan to value ratio. Today calculating how much someone can borrow is a little more complicated with many different criteria being used to determine affordability. At Arc & Co. our clients range from first time buyers through to high net worth individuals whose income is derived from multiple countries and in multiple forms. A recent client fell into the latter category who was wanting to finance a £14m property in near Hyde Park, a prime central London location whose past residents include Sir Winston Churchill and the Earl of Mansfield.
Daire Dowling, Managing Director of Arc & Co. Private Finance, explains why the deal was so complex; “The client wished to raise £4m on a £14m property near Hyde Park after taking tax advice from their accountant. The client didn’t have a traditional income stream, so we had to capitalise an investment portfolio in the background and put interest on account. The main motivation for the client was to cut down on remitted income into the UK from overseas and to generate clean capital within the UK jurisdiction for living expenses and succession planning. We were able to achieve all of this.”
Finance summary
Loan: £4m
Term: 5 year (interest only)
Rate: 1.75% margin on 3 month libor
Termination: No early repayment charge should the client decide to sell or pay down the loan for flexibility
If you would like to speak to an advisor about a property purchase or remortgage then please get in touch with the following link.
ARC & CO. OPENS NEW OFFICE IN THE COTSWOLDS TO MEET GROWING DEMAND
Long established Mayfair-based specialist finance advisor, Arc & Co. recognises a key growing market in the Cotswolds for the Private Client business by opening an office in Oxfordshire headed up by Jamie Rigby.
Jamie and his team live locally and from the new office will continue to work closely with local private clients, developers and professionals. Jamie has worked with Cotswold & Midlands clients for over 11 years and maintains an excellent professional reputation in the area.
Andrew Robinson, Chief Executive Officer, Arc & Co, added: “After ten years in London, Arc & Co. recognises a growing demand for our Private Clients services in the Cotswolds. What makes our team even stronger is the fact that they live locally and already have strong relationships with the local property professionals.”
To arrange an appointment with Jamie at the new office please find his contact details below:
Jamie Rigby
Arc & Co. Private Client
Financial Consultant
Office: +44 (0) 1295 793170
Mob: +44 (0) 783 394 2392
Email: jamie@arcandco.com
ARC & CO. ADVISES ON £13.4M DEVELOPMENT LOAN FOR CRAWLEY BTR SCHEME
Mayfair-based specialist finance advisor, Arc & Co. today announced it has advised Inspired Asset Management on a £13.4m development loan.
The development is being funded through a £13.4m senior loan from Zorin Finance.
Commenting, John Kerrigan, Director at Arc & Co., said: “The funding of this residential development is welcome news in a difficult market. It proves that there is still funding available for well-located, well-designed schemes, which are sensibly priced and supported by a good calibre sponsor.”
The former office and retail building will be demolished to make way for 78 new one and two bedroom apartments for rent with a communal rooftop terrace and 7,998 square foot of ground floor retail. It is a 14-month build programme with practical completion anticipated for Q1 2020.
Inspired Asset Management purchased the building in 2015 and obtained planning permission for the scheme in 2016. The development has an estimated GDV of £21m and is expected to generate circa £1.75m gross rental income per annum.
With a population in excess of 105,000, Crawley is a thriving commuter town with trains to Gatwick Airport in just 9 minutes and London Victoria in 42 minutes. A substantial growth programme is underway with £31.4m being invested in infrastructure improvements and physical regeneration designed to support new homes, business investment and employment.
Martin Skinner, Chief Executive of Inspired Asset Management, said: “I’m delighted to announce that we have secured development finance for this exciting scheme, Inspired’s first wholly new-build development, and we can now look forward to adding another asset to our emerging Build to Rent portfolio. Crawley offers fast trains to London as well as being a local employment hub just 4.5 miles from Gatwick Airport. There is strong rental demand, especially for high quality new homes located in the town centre.”
If you you would like to speak to John regarding development finance please find his contact details below.
John Kerrigan
Director
Arc & Co. Structured Finance
Tel: +44 (0) 203 205 2124
Mobile: +44 (0) 750 822 5678
Email: john@arcandco.com
Lender appetite slowly returns to super prime London as Arc & Co. complete £16.8m loan
After years of restricted lending in London’s super prime market and with the few lenders prepared to offer loans against large single assets restricting loan to values to less than 50%, Arc & Co. are starting to see green shoots of optimism with a handful of specialist lenders re-entering the market.
Edward Horn-Smith, Managing Director of Arc & Co. Structured Finance, was recently instructed by an existing client to refinance a development loan on a super prime asset in central London. The loan was completed in just three weeks from professional instruction.
Ultra Prime High End single unit
Bridge to sell
62.5% LTV
7.95% pa (All in rate)
£16.8m loan amount
Edward Horn-Smith
Managing Director
Arc & Co. Structured Finance
Tel: +44 (0) 20 3205 2126
Mobile: +44 (0) 778 863 2139
Email: edward@arcandco.com
Alan Burgess joins the Arc & Co. team
Alan is the latest addition to the structured finance team. Having studied at the University of Birmingham and achieving a BSc Joint Honours in Geography & Town Planning, Alan went on to work in his family’s property development company where his interest in property finance was first piqued. Alan is also a keen aviator having been involved with various RAF organisations from a young age.
Alan said of joining ‘When I decided property finance was the industry I’d like to work in and after having an insight into the level of service they provided, I approached Arc & Co. I wanted to be trained to the highest standard and jumped at the opportunity of being part of the team.’
To connect with Alan head to LinkedIn or drop him an email at alan@arcandco.com
Arc & Co. achieve hat-trick following the completion on Perini Navi yacht
The team are currently working hard meeting new clients at the Monaco Yacht Show but that doesn’t mean it isn’t business as usual. Arc & Co. are pleased to announce that they have just successfully advised on the finance of a 40m Perini Navi yacht, the third deal to close this month.
Arc & Co. will be in attendance at the Monaco Yacht Show again tomorrow (Thursday 27th) and if you would like to talk to one of the team get in touch at monaco@arcandco.com.
Finance Summary
Yard: Perini Navi
Yacht Size: 40m
Yacht Age: 2013
LTV: 55%
Security: Asset backed
Arc & Co. helps ex-pat client secure 200 year old Edinburgh property despite challenging circumstances
Clients often arrive at the door of Arc & Co. having been let down elsewhere first. This was the case for a recent client who was trying to purchase a 200 year old property in Edinburgh, Scotland in time for their children returning to university. With the clock ticking, Matthew Wheeler, a financial consultant at Arc & Co., took up the challenge of securing finance for the property and to leave another client more than impressed.
Matthew, gives an overview of the situation and why it presented a challenge. “The client came to us having been let down by a lender elsewhere so was understandably nervous about losing the property he had made a generous offer on. Also, things are always made more challenging when transacting in Scotland where mortgage offers have to be produced before an offer on a property can be accepted. This made for tight timescales and with a more vanilla case we would have focused on lenders that could move the quickest but instead focused on those who we knew would understand the complex financial situation of the client. Because the client was an ex-pat and paid in dollars, we had to work closely with the lender to make sure they were comfortable with his overall financial position and their long-term financial plans. The client was delighted with the rate the lender offered and security the fixed rate provided. We managed to have the conditional offer issued within 3 weeks of applying and the final offer shortly after in time for their children to move in before starting back at school and university.”
Summary
Client: Couple both UK ex pats resident in America for over 5 years. Buying a UK property for them and their children to use while they are attending UK schools and University.
Property: Purchase in Edinburgh of 200-year-old property, 5 bedrooms over 3 floors.
Value: Purchase price of £731,250 (£56,250 over value because of the market in Edinburgh being very competitive).
Vendor: – Private couple
Lender – HSBC 1.69% 3-year fixed rate
Loan amount - £506,250
Matthew Wheeler
Financial Consultant
Tel: +44 (0) 203 205 2190
Mob: +44 (0) 771 198 9870
Email: matthew.wheeler@arcandco.com
Arc & Co. successfully advises on another yacht deal before heading to the Monaco Yacht Show.
As the Arc & Co. team prepare to head to Monaco for the world’s biggest international yachting exhibition, Arc & Co. Marine and Aviation has advised and completed the finance on a 40m Maiora super yacht, a second completion for September. Representing Arc & Co. in Monaco will be Andrew Robinson, CEO of the Arc & Co. Group, Daire Dowling, Managing Director of Arc & Co. Private Client and Leon Batchelor, Managing Director of Arc & Co. Marine and Aviation.
The Monaco Yacht Show is a unique opportunity to visit or just admire the 120 exceptional superyachts and megayachts measuring 25 to 100 metres long in the port de Monaco’s exclusive setting. This international trade fair is entirely dedicated to yachting for prestigious clients and luxury yachting market professionals and runs from the 26th to the 29th of September. If you would like to arrange a meeting with any of the team please email monaco@arcandco.com
A summary of the finance advised by Arc & Co.:
Yard: Maiora
Yacht Size: 40m
Yacht Age: 2008
LTV: 60%
Security: Asset backed