• The Borrower acquired the property in November 2023 for a price of £28m (+ costs)
  • The acquisition was funded with a combination of equity and the senior loan that is being refinanced as part of the transaction 
  • Since acquisition, the Borrower obtained planning permission for its 174-unit co-living scheme, with all planning costs funded by equity.  At completion of the ASK loan the Borrower had a total of £22.8m of equity committed to the transaction and this figure will increase during the loan term as the Borrower funds further design costs and the cost of achieving Gateway 2 approval

 Security 
  • ASK’s security package is first ranking (due to no third-party A note) and comprises a legal charge of the freehold property and a share charge and debenture over the borrowing entity.  The facility is provided as a loan-on-loan to the TPL and ASK has full step-in rights (similar to how OakNorth typically provides A note finance to ASK on transactions)