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gunnercooke Real Estate Partner Sarah Hung has acted for The Prosperity Group Limited in refinancing a £multi-million development project.
The client is the developer refinancing a development that was near completion. Sarah’s team also acted for the clients when the land was initially acquired, part of which was formally a ransom strip purchased from the local Council. gunnercooke advised on the development finance of the site with the previous two lenders in addition to this new loan.
The loan had a value of £4.9m and the lenders were Ortus Secured Finance.
Sarah commented: “Time was of the essence with this transaction as it had already expired and needed to be extended for a short period of time to facilitate the refinance. We engaged with the broker and project manager on a daily basis to ensure that all of the lender’s requirements were met.”
Sarah Hung is an experienced Real Estate lawyer and Legal 500 recommended lawyer, specialising in Commercial Property with over 20 years of experience. She has extensive experience working on investment and development transactions.
