Arbuthnot Latham & Co., Ltd has provided property developers, the Westcombe Group, with an £18.5m loan for the refinance of existing lending and to provide additional funding for future property acquisitions.
Westcombe Group was founded by Vraj Pankhania, who has run the group since it was founded more than five decades ago. The Group’s primary focus is on premium residential properties in addition to the development of hotels
Despite having agreed new terms with their existing lender, the Westcombe Group was seeking a facility that better fit their needs and a long-term relationship with a bank.
As the existing lender had already commenced their due diligence, Arbuthnot Latham worked with the appointed professional team to execute the new funding arrangements, under the Recovery Loan Scheme, while at the same time meeting challenging timescales.
Justin Snoxell, senior commercial banker at Arbuthnot Latham, said: “The bank was asked to provide a compelling financing structure as an alternative to the terms agreed with the existing lender.
“We met virtually with the borrower to discuss the exact requirements and set out a tailored structure meeting these needs.
“With great input from the borrower, stakeholders within the bank, and the professional team, the loan was completed within 12 weeks and the existing lender fully repaid.
“We now look forward to looking at further opportunities to grow the relationship and support their strategy in the UK.”
Kamal Pankhania, group managing director & chief executive of the Westcombe Group, added: “Our relationship with Justin started back in 2011 and we have maintained contact since then. Arbuthnot Latham were able to identify our funding needs and provide the quality of relationship we desire.
“The future looks very bright as our core strategy is to maintain and grow existing assets. This will be completed by creating additional value through the development of property and enhancement of rental income streams.
“Our long-term plans are exceptional. As one of the largest private developments companies in the UK, we are growing at a substantial rate with our current and forthcoming mixed used schemes in our development pipeline.”
