Howard Kennedy have recently represented Lendhub Limited on a £13m refinance of a portfolio consisting of a mixture of 15 freehold and leasehold properties. All 15 properties were situated throughout London.
The team had completed within a tight turnaround time of three weeks and the deal was complicated by the fact that some of the leasehold properties had low residual lengths remaining. The borrower's current bridging term had expired, and the outgoing lender was threatening to call in the receivers if the matter did not complete quickly.
This is the first deal where we have acted for Lendhub and look forward to working with them again in the future.
The other parties to the deal were Pocket Renting Limited, who were represented by SBP Law and Mantra Capital who were the broker.
On the Howard Kennedy Team was Laura Brown, Senior Associate and Nick Barritt, Solicitor who led the transactions, supported by Jack Holden, Olivia Regester on the property side and Steve Clinning and Will Daniels on the banking side.
Steve Clinning, Partner, commented "We were delighted to get Lendhub's biggest transaction so far over the line for them, it was a real team effort to get this complicated portfolio transaction completed with everybody pulling together to achieve drawdown on time".
Max Herman, Head of Lending at Lendhub commented, “There were many challenges and complexities involved with a deal of this size, however the team at Howard Kennedy handled the matter with ease and we look forward to working with them again in the future.”