Trowers & Hamlins has advised social housing provider Freebridge on the refinancing of its original 2006 Large Scale Voluntary Transfer (LSVT) loan agreement with National Westminster Bank Plc and two new bilateral facilities with Nationwide Building Society and Lloyds Bank plc, totalling £105 million.
The facility agreements with Nationwide and Lloyds were completed on 30 November 2023, which met the deadline of end November set by Freebridge in August. The transaction involved negotiating two new facility agreements, amending and restating the original 2006 security trust deed and agreeing prepayment and completion mechanics within a challenging timetable.
Trowers' Real Estate Finance Security Team advised on all related property security aspects of the transaction, carrying out due diligence on over 3,500 properties.
Savills financial consultancy, treasury and funding team advised Freebridge on the treasury aspects of the transaction, led by Alex Morgan (Director).
Jasna Djurisic, Managing Associate in Trowers' Banking and Finance team, commented:
"We are proud to support Freebridge in delivering its ambitions for its tenants and to make a real difference in the continued provision of social housing in west Norfolk."
Clare Flynn, Head of Finance at Freebridge Community Housing added:
"We thank Trowers for their phenomenal support, encouragement and counsel over the course of the refinancing".
Anna Simpson, Director of Resources and Deputy Chief Executive of Freebridge Community Housing commented:
"The Freebridge board are delighted the deal is complete and all at Freebridge would like to convey our huge thanks to Trowers for their diligence and considerable efforts in getting the deal through.
"The funding deal allows us significantly more flexibility to invest in our homes and the additional funds will be used to provide more affordable homes for West Norfolk."
The Trowers Banking and Finance team was led by Jasna Djurisic (Managing Associate), Lara Marsden (Associate), Simon Valner (Partner) and Jasmin Rakkar (Trainee Solicitor).
The Trowers' Real Estate Finance Security Team was led by Managing Associate Nicola Almond.
National Westminster Bank Plc was advised by Pinsent Masons and Nationwide and Lloyds were advised by Addleshaw Goddard.
