Our client was introduced to us by a Mayfair professional and was a well known London Restaurateur seeking complex million pound plus bridging loan. He had run out of money whilst refurbishing a new West End Restaurant and Nightclub and faced not being able to trade and the contractor walking off site.
The only security was an occupational 20 year lease for the loss-making restaurant. There were no other UK assets or income which could lend support. This was exacerbated by a technical breach of the lease conditions as work had commenced without the Freeholder’s written consent. The borrowing vehicle was via a complex BVI Trust structure.
To say the least this situation wasn’t the easiest to rectify. Trading companies, title issues, offshore structures and no clear sight of UK assets and income reduce the number of lender options on their own. The combination of the lot of them is almost a perfect storm.