The Client:
Delta Developments was formed in 1989 with the building of two major centres on the Nottingham Science and Technology Park – the Isaac Newton and Albert Einstein Centres.
Since then, the buildings have been continuously rented to science related companies so when one of the Isaac Newton Centre’s long term tenants moved to bigger premises in late 2015 the company decided to refurbish the building. They sought a financial package for this commercial refurbishment.
The Deal:
Goodman Corporate Finance conducted a thorough market-wide search and found the perfect funder for the client. This allowed support for a complete new finance package including loan, bank account, and overdraft facilities.
Success!
By working together, the lender-broker relationship secured the finance package for the client after many banks declined to help. This will allow the commercial refurbishment to flourish!
Quotes:
Joanna Rigby, Partner and Company Secretary, said: “We spent three or four months approaching different banks for funding, and although we had collateral in the buildings, because we didn’t have a tenant none were interested.
“A personal contact recommended I try speaking to Goodman Corporate Finance, and they arranged a new mortgage for us with Handelsbanken. We also took the opportunity to shift our bank account and overdraft facility to them.”
The building refurbishment has now started and the company has several potential tenants lined up to move in once the work is complete.
We felt that Goodman simply had access to funding that no other broker could get. They managed to secure us a deal at just 2.55 per cent above LIBOR, where all the others could offer us no better than eight per cent above. We were over the moon.
Joanna Rigby - Partner and Company Secretary at Delta Developments
Joanna added: “The service we received from Goodman was fantastic, with a very quick response to our questions from a very friendly and personable team.
“We’ll definitely speak to them again when Albert is ready for his makeover!”