Peritus has strongest ever finish to a year in December
Peritus Corporate Finance has reported its strongest ever finish to a year in December 2019 with facilities of GBP100 million completed.
Completions included the following –
A GBP6.6 million bridging loan on behalf of an international client where the facility was advanced against two plots of land in Scotland. This was the first of two specialist funding packages for this client who intends to enhance planning and deliver initial infrastructure works. The second should complete in Q1 2020.
Refinancing of a Private Rented Sector portfolio for a top London based Housing Association. This facility allowed the borrower to consolidate all of the open-market rental properties into a single entity with over 350 properties included in the borrowing vehicle.
Refinancing of a specialist retail portfolio for a Stock Market Listed PLC. This investment facility was secured against six regional retail assets. Peritus was able to secure five-year debt terms at competitive rates in what is seen as a very challenging sector.
A GBP1.4 million development loan for the construction of 12 units under Permitted Development Rights.
The developer intends going back into planning to enhance the scheme which will deliver 23 apartments and increase the GDV from GBP1.74 million to GBP3.25 million.
Darren Baker, CEO of Peritus says: “We are hoping after the trials and tribulations of the election as well as the Brexit woes, that 2020 will provide more stability. However, we think the market for debt will remain cautious as the wider impacts of Brexit begin to be felt. Despite the many headwinds in 2019, we have grown the team across our Corporate and Private finance areas. We have launched a new platform with Gerald Eve and we hope to announce two new joint ventures in early 2020. We are also growing our regulated adviser proposition to five appointed representatives and 20 advisers by Q1.”
Peritus provides debt advisory services to the Real Estate sector with teams in London and Newcastle as well as a recently created joint venture with Gerald Eve called Gerald Eve Corporate Finance.