Black Book Finance has closed a £13.5m loan facility with bridging lender TAB for its client, The Marine & Property Group (TMPG), a marina group.
TMPG’s existing loan facility was reaching term end and the client had a new, 24-month requirement to give the required time to execute their growth plans.
The related security within the wider group includes two marinas with 625 berths/pontoons combined, 30,000 sqft of commercial offices, retail outlets, a boat workshop and a new boatshed.
TMPG has been developing and operating marinas since 2006 and now owns multiple marinas, related land and properties.
Michael Clapper, CEO at Black Book Finance, said: “This was a large, complex and specialist finance requirement that needed to be executed swiftly. The team at TAB took the time to fully-understand every aspect and were able to deliver to our client’s requirements within just six weeks from initial enquiry; a remarkable achievement considering the extent of diligence required.
“My client is delighted, and our thanks go to Duncan, Nick, EJ and all the team at TAB for a superb effort in getting this facility understood, approved, and closed within the client’s timeframe.”
Chris Odling-Smee, co-founder & director at TMPG added: “We were fully aware our requirement was less than standard, and Michael, Jo and all the team at Black Book Finance were pro-active and tenacious in securing this facility for us. We were also very impressed with TAB, by their speed and commerciality. We are delighted with the outcome and grateful for the superb efforts made on all sides.”
Duncan Kreeger (pictured), CEO at TAB, concluded: “When a proposition makes sense, we will always look to see if we can assist. In this case, it was a complex asset but with the Michael’s knowledge, and us meeting with TMPG to understand the borrowers’ requirements, the proposal Michael put forward made perfect sense, and we were then able to gain full comfort around the client and multiple security assets.
“As always, the Black Book team were pro-active and incredibly efficient, which ensured that this large and complex deal was able to move smoothly and swiftly. We are delighted to support TMPG at this stage of their exciting plans.”
