Banking & Finance

Asset-backed lending allows a business to borrow against the value of assets it already holds, such as property, plant and equipment, inventory or receivables, giving lenders the security comfort to extend facilities that might not otherwise be available on an unsecured basis.

We advise both lenders and borrowers on the full range of asset-backed structures, including receivables financing, invoice discounting facilities, and stock and equipment-secured lending. Our work covers the choice and structuring of security (fixed and floating charges, assignments and specific charges over identified assets), the perfection of that security at Companies House and, where relevant, HM Land Registry, and the drafting of the supporting facility and security documentation. We also advise on the practical issues that arise once a facility is live, including waivers, amendments, and what happens to security following a subsequent refinancing or sale of the secured assets.

Acquisition finance is debt raised specifically to fund the purchase of a company or its assets, and it sits at the intersection of banking and M&A.

We act for both borrowers (management teams, private equity sponsors and trade buyers) and lenders on the full spectrum of acquisition finance transactions, from single-lender facilities for smaller owner-managed business acquisitions through to LMA-based facilities with accordion features for larger, multi-stage buy-and-build strategies.

We negotiate facility agreements, intercreditor arrangements where there is more than one layer of debt, and the security package required by the lender, while working closely with the M&A team to ensure both workstreams complete simultaneously. For businesses pursuing an active acquisition strategy, we also advise on structuring facilities with sufficient headroom for follow-on acquisitions and assist a number of clients with the requirements for new acquisitions where an existing facility is already in place and funding the transaction.

Mezzanine finance sits between senior debt and equity and is typically used where a borrower has reached the limit of what a senior lender will provide but requires additional funding to complete a project, acquisition or development, without diluting equity to the same extent as a further equity raise.

We advise on the particular structuring issues associated with mezzanine debt, including subordination and intercreditor arrangements with the senior lender, warrants or equity kickers, payment-in-kind interest structures, and the enforcement mechanics that apply where there is more than one class of creditor with differing priorities.

We act for both mezzanine lenders and borrowers and regularly coordinate with senior lenders' counsel to ensure the layered debt structure works effectively in practice.

Our property finance team has experience in effectively handling transactions across a wide range of property transactions. We deliver a seamless and adaptable service that covers a broad spectrum of disciplines essential to present day real estate finance transactions. We advise on the most appropriate security solutions for our clients including bespoke finance where required.

The large team regularly acts for a variety of different lenders borrowers, developers, investors, care home owners and operators in addition to high net worth individuals

Our services includes advising on:

• Property acquisition
• Real estate investment finance
• Short term loan funding
• Prioritisation of loans
• Sale and leaseback structures
• Property refinancing.
• Development finance
• Secured Lending
• Care home financing
• Storage space financing
• High net worth individuals buying or refinancing residential properties across the UK

Working in conjunction with our colleagues in our corporate and commercial teams , we also offer advice on loan agreements, floating charges, debentures, guarantees, security over building contracts and other finance documentation.