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Banking & Finance

Funding for Student Accommodation Development

Our client was a major Scottish bank. The bank agreed to provide funding for the purchase and development of a major student accommodation facility in Scotland. We drafted and negotiated the development facility agreement and the supporting security documents including a bond and floating charge, cross company guarantees and a security over the property. We provided a joined up response to the bank by including our real estate and construction specialisms. The trick in acting for lenders is to find the balance on sharing any risk. The documents need to protect the bank but reflect a degree of commerciality to get the deal done. Our job is to assist the bank in assessing and managing that process. On this job we got to the end in timescales to suit the developer and then we provided ongoing advice to the bank in relation to the monitoring of the development and onward sale of the completed investment.

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