Case Studies Commercial Property

Case Studies

Here are examples of some of the deals that Finance Ireland has completed with businesses around Ireland.

Property Acquisition & Loan Refinance
 
Dublin mixed use
Deal Value: €12.5m

A mixed-use income producing portfolio of office, industrial and retail & leisure properties totalling 0.5m of rentable sq. ft.  Loans totalling €12.5m over 5 years were advanced to enable a refinance from a loan fund, and simultaneous acquisition of minority interests in the properties.  The loans represented 95% of total financing requirement (50% LTV).

Dublin hospitality/ leisure
Deal Value: €7.8m

Loan of €4.8m at 100% of funding requirement (75% LTV), over 3 years. The transaction involved the re-finance of an existing non-bank lender following trading stabilisation of the asset, which allowed the borrower to maximise trading performance while preparing a development plan for the asset for future development.  A subsequent follow on facility of €3m at 65% LTV was advanced 6 months later against a related property that the group also trades from.

Provincial industrial and mixed use
Deal Value: €4.7m

Loan of €3.4m representing 100% of refinancing requirement to refinance a pillar bank on a prime industrial asset to facilitate estate planning. The facility was at 67% LTV over 5 years with a cash sweep to accelerate paydown, pending delivery of a lease renewal.  A subsequent €1.3m facility on a mixed use portfolio at similar gearing was drawn 4 months later.

Dublin residential
Deal Value: €4.1m

Loan of €4.1m to refinance and provide equity release on a development finance loan from another lender involving a new build city centre residential development being retained by the developer for investment purposes.  The loan was underwritten to an LTV of 75%, and was drawn within 4 weeks of first enquiry.

Dublin mixed use
Deal Value: €3.3m

Mixed retail, office, and residential portfolio. Loan of €2.3m at 95% of financing requirement (65% LTV) to finance a buyback from a third party that acquired it from a loan fund. The transaction involved acquisition of an SPV that owned the property, and retirement of shareholder loans. A subsequent equity release of €1m combined with new security on the same terms enabled acquisition of further assets.

Provincial hospitality/ leisure
Deal Value: €2.9m

Owner operated leisure business with strong earnings and experienced operators. Loan €2.9m at 97% of funding requirement, representing 3.0x EBITDA. Loan to enable refinance of a bridging deal put in place to finance a debt settlement, advanced using an Opco/ Propco structure.

Dublin residential
Deal Value: €2.6m

Portfolio of residential properties. Loan €2.6m at 90% of financing requirement, 5 year fixed rate to facilitate a settlement with a loan fund, and is to joint borrowers that are individuals, as transfer to an SPV would have triggered CGT and stamp duty. A subsequent equity release of €250k on similar terms was enabled to allow retirement of other family debt and bring overall gearing to 60% LTV.

Dublin retail
Deal Value: €2.5m

Loan to acquire a prime retail property out of which a successful trading business operates. The loan covered 95% of purchase price, with an LTV of 75% after taking account of collateral security provided by the borrower. Credit approved proof of funds within a week enabled the borrower obtain preferred bidder status to secure an off market purchase.

Bridging & Specialised
 
Dublin residential portfolio
Deal Value: €8.2m

Portfolio of pre-63 properties located in city centre locations. Initial exposure of €0.65m, with facilities now advanced totaling €8.2m. Portfolio leverage of 70% LTV pre-refurbishment, with post refurbishment LTV of 55%, 5 year variable commitment. The original loan was an equity release against an unencumbered property, allowing for successive property purchases by the promoter, which required refurbishment and re-letting.

Dublin industrial
Deal Value: €3.4m

Mixed use industrial/ retail portfolio, which included some occupational planning uncertainty and a requirement for part of the loan to be directly to an individual. Loan of €3.4m at 100% of financing requirement (62% LTV), over 5 years. The promoters required simultaneous settlement of facilities with a bank and a loan fund, requiring cross person/ company guarantees, with additional collateral security.

Provincial residential and retail bridge
Deal Value: €2.8m

A portfolio of provincial assets to facilitate refinancing a loan fund and enabling final settlement of a borrower’s wider legacy issues.  The transaction involved provision of 80% of the total financing requirement on a 12 month bridging basis pending an element of portfolio sales and the introduction of further equity from the borrower’s trading business.

Provincial residential bridge
Deal Value: €1.5m

Acquisition of an estate of residential property, with a refurbishment requirement to enable portfolio disposal. Loan of €1.5m at 65% of acquisition cost, over a 2 year period. The facility included an advance to support a pre-agreed refurbishment programme.

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