Pre-approved £2m credit enables industrial park auction purchase
Charles Street Finance, the fast-growing commercial lender known for its speed, service and certainty, has agreed a £2million facility to support an industrial park owner’s growth strategy.
Welsh Industrial Estate owners, SiteQuest Offices Ltd, which operates Quinton Hazell Enterprise Parc accommodating over 100 tenants at its site in Conwy, was seeking to refinance their current commercial mortgage – releasing equity for new acquisitions.
However, the family business hit a hurdle when their existing – and long-standing – private bank was unable to extend their borrowing, and they turned to the Charles Street team for support to meet their property ambitions.
After taking time to understand the client’s circumstances, Charles Street agreed a commercial mortgage secured against their portfolio, which includes Quinton Hazell, SiteQuest Enterprise Parc, other shops and semi-commercial properties in Conwy, Colwyn Bay, Llandudno and Caernarfon.
In addition, Charles Street agreed a £2million revolving credit facility (RCF) which provides SiteQuest with access to finance over the next three years, enabling them to draw down funds with just 48 hours’ notice.
The facility, which removes the need for repeated underwriting, has already allowed SiteQuest to add to their portfolio with two new acquisitions, including an industrial park bought at auction. The deposit was paid from the RCF within 48 hours.
Charles Street Corporate Relationship Director, Carl Graham, said: “This was a fantastic result and it’s great to see our finance supporting SiteQuest’s growth.
“We’re delighted when clients come to us with complex funding requirements and relish the opportunity to apply a pragmatic approach to funding. It was clear that the SiteQuest team had exceptional experience in their field and a robust portfolio business. By structuring a bespoke two-tier finance package, we have been able to provide the immediate liquidity they were seeking and long-term financial support for them to seize opportunities in the resilient industrial and logistics sectors.”
He added: “While traditional lenders hesitated, Charles Street moved quickly, combining our deep sector expertise with agile decision-making. Our ability to offer both long-term debt and a flexible facility under one relationship gave the client a competitive edge.”
Director Bob Blackwell, who runs SiteQuest Offices Ltd. with wife Jane Eva and sons Thomas and William, said: “When our original lender was unable to support our expansion plans, despite our robust portfolio and experience in industrial and commercial property, we needed a partner who would take the time to understand our circumstances and the opportunity.
“With excess equity tied up in property we needed a partner that could work with us to create a flexible facility which would enable us to move quickly when opportunities arise. The Charles Street team captured our vision and ambition and responded with a structured finance response that has enabled us to react swiftly as well as support a longer-term view to our plans.”