At a glance
Memery Crystal is delighted to announce that its Banking and Finance team has acted for GRE Finance on a £7.9m loan facility secured against sixteen newly built houses in Slough that are let on a short-term basis to Exec Homes who provide housing for Local Authorities tenants on unusual and bespoke occupancy arrangements.
GRE Finance are a long-standing connection of Memery Crystal Partners, Steve Clinning and Laura Brown, and are real estate lenders with cross-sector expertise. They are committed to providing flexible debt funding solutions to support best in-class sponsors.
The project was led by Steve Clinning, Partner, with support from Krittika Chavaly, Solicitor, and Alex Duncliffe-Vines, Associate. From Memery Crystal's Real Estate team, Chris Cagney, Partner, provided advice on the property aspects of the transaction.
Steve Clinning commented:
"This was a fast-moving, complex, and exciting transaction and we were delighted to have assisted GRE to bring it through to completion. Many thanks to Daniel Benton, Michael Mirelman and Clare Grimes at GRE for their assistance throughout and Memery Crystal is looking forward to the next one."
Clare Grimes of GRE Finance commented:
"We see this as a perfect opportunity to lend on affordable housing stock in a location where demand is strong from both owner occupiers and investors. A big thank you to our excellent team of professionals at Memery Crystal. We have had a long-standing relationship with Memery Crystal who deliver time and time again."
On this transaction, Mishcon de Reya acted for borrower.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
