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by Narinder Gill on 14th June 2024

Date: 14/06/2024

Broker: Narinder Gill

Lender: West One & HTB

Loan amount: £2.7m

Structure: Corporate Restructure (SPV)

Asset Class: Residential (Central London)

Portfolio Refinance (£2.7m loan) – Application to Completion in four days!

Client Background

Our client, an ultra-high-net-worth (UHNW) individual holding a Spanish passport, approached Coreco Commercial for assistance with a complex refinancing requirement. Residing in both the UK and Spain, this client has extensive business interests spanning across Europe, necessitating a sophisticated and tailored financial solution to support their multifaceted portfolio.

Property Details

The client sought finance for several high-value properties in Central London, including:

A High-Value Penthouse in Central London: The penthouse, located in the prestigious Canaletto Tower on City Road, offers luxurious living with stunning views of the London skyline. It features state-of-the-art amenities and exquisite design, reflecting the epitome of modern urban living.

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Two Buy-to-Let (BTL) Investments in Central London (Zone 1): These properties are strategically located in the heart of London, providing high rental yields and strong capital appreciation potential. The client’s investment strategy focused on securing premium properties that offer both immediate returns and long-term value growth.

Reason for Finance

This finance initiative marked the initial phase of a broader strategy to refinance multiple loans. The client aimed to restructure and disentangle cross-charge provisions against both commercial and residential assets in Central London. Facing the imminent risk of default on existing loans, a time-sensitive and effective financial solution was paramount.

Challenges Faced

The refinancing process presented several significant challenges:

  • Complex Cross-Charge Provisions: The existing facility had cross-charges against multiple securities, necessitating a careful unwinding process and reallocation of debt across different asset classes.
  • Market Conditions: The Prime and Commercial property market in Central London has been under considerable pressure over the past 18 months, complicating property valuations. Accurate and favourable valuations were critical for securing optimal lending terms.
  • Lender Withdrawal: A major hurdle arose when our initially agreed lending partner changed their credit approval stance just one week before the scheduled completion. This unexpected withdrawal required us to swiftly identify and secure a new lender to avoid default.

The Solution

Our approach to solving these challenges was multi-faceted and highly coordinated:

  1. Unwinding Cross-Charges: We meticulously unwound the cross-charge provisions, reallocating debt to single assets. This strategic move maximized leverage capabilities while securing lower borrowing rates than the previous facility.
  2. Leveraging Relationships: Leveraging our strong relationships with trusted lending partners, we promptly secured a new lender. Remarkably, we moved from application to completion within four working days—a process that typically takes much longer. We narrowly missed completing in three days due to a cut-off by just eight minutes, showcasing our commitment to urgency and precision.
  3. Rapid Execution: Within 24 hours of application, we obtained underwriting approval, conducted a credit call with the client, and progressed to the legal phase. Funds were transferred to the lawyers within the next 24 hours, enabling readiness for completion the following day.


Our comprehensive and swift action not only prevented the client from defaulting but also allowed for the realisation of equity upon the sale of respective properties. This equity was then reinvested into the client’s broader property and investment portfolio, enhancing their overall financial standing and supporting future growth.

The client was extremely pleased with our ability to navigate through these challenges and deliver a timely and effective solution, solidifying their confidence in our expertise and commitment to excellence.

Special thanks

Spector Constant Williams – Jaz Tott (Partner – Real Estate), Nishi Sumaria (Associate – Real Estate)

West One Property Finance – Matt Watson (Head of Bridging), Jason Badla (Credit Risk Team Manager), Shanice Patel (Senior Underwriter)

Graphene Legal – Jamie Hatton (Associate)

Hampshire Trust Bank – Lorenzo Satchell (Sales Director), Jamie Jolly (Director of Bridging) Grace Trueman (Bridging Underwriter)

Seddons – Matthew Stayt (Partner – Real Estate)

Written by Narinder Gill

Associate Specialist Broker

Narinder is an Associate within the Commercial Team at Coreco Specialist Finance. He assists HNW and UHNW clients with their large portfolio and complex lending requirements. He specialises in complex/portfolio Buy to Let mortgages (including Ltd Co/SPV), HMO’s and Bridging finance. Narinder also advises on all Commercial, Semi-Commercial, and Development finance. The ‘go to’ Broker for the more technically challenged lending requirements, frequently providing bespoke/structured lending solutions. After graduating from the University of Kent with a LLB (Hons) in Law and College of Law (LPC) Narinder joined The Law Society & Royal Courts of Justice in London. After working in the legal sector Narinder pursued a career as a Mortgage Broker and quickly became CeMAP qualified. Prior to joining Coreco Specialist Finance, Narinder was a Senior Broker at Mortgages for Business and Countrywide Mortgage services where he assisted in Residential, Specialist BTL & Commercial Finance. Narinder is a member of the London Institute of Banking & Finance. Outside of work, Narinder is an avid golfer having captained his University and Club Scratch team and competes in County tournaments.

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